NY Financial Adviser/Scam Artist Gets 5 To 15 For Bilking Elderly Of $11M+; Some Who Borrowed Against Home Equity To Invest Now Face Foreclosure

In Nassau County, New York, WINS Radio 1010 AM reports:

• The financial adviser who targeted senior citizens and bilked them for more than $11 million received the maximum sentence on Tuesday. Peter Dawson, 51, of Huntington, was sentenced to five to 15 years in prison by a Nassau County judge in the Ponzi investment scheme that affected 53 people.

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• Dawson [...] encouraged clients to take out mortgages on their homes and give him the money to invest, officials said, but he kept the majority of the money, leaving homeowners months behind in mortgage payments. Several homeowners are currently fighting to prevent foreclosure on their homes as a result of the scheme, officials said.

For more, see L.I. Scam Artist That Targeted Sr. Citizens Gets Max.