A Nanuet man faces decades behind bars after being convicted of securities and wire fraud. The U.S. Attorney for the Southern District of New York says 51 year-old Ruless Pierre was convicted last week of setting up a Ponzi scheme to get more than $2 million from over 100 investors. The U.S. Attorney’s office says Pierre lost some of his investors’ money day-trading and spent some of it on personal expenses, including luxury vehicles. He faces 20 years in prison on each of the top three counts when he is sentenced in September.
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