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New Jersey man faces State charges for alleged ponzi scheme March 20, 2009

Posted by jefhenningeresq in News.
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Gary Klein of Colts Neck, New Jersey and the founder of REI Group Inc, has been indicted on one count of theft by deception.  The State alleges that his victims, possibly numbering 130, may have lost a total of $8,000,000.  Unlike all the other ponzi schemes that came to light after Madoff, this case has actually been around since 2006.  It just took a few years for the indictment to come down. 

Luckily for Klein, the State charges are nothing compared to Federal charges that Madoff  and others are facing.  Regardless of what he gets, (the range is about 5 to 7, although he could get up to 10) his actual time behind bars will likely be less than a year.  Not bad huh?

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