Seniors targeted in alleged stock scam

Suspect allegedly ripped off $540,000
June 19, 2008 4:59:16 PM PDT
A man is accused of posing as a stock broker and stealing tens of thousands from a half dozen victims, most of them elderly.

The 25-count indictment alleges that Adam Heng, 30, created a phony investment firm, Pershing Capital, LLC, and cold-called potential investors. He allegedly got their names at legitimate brokerage houses where he had worked.

"People gave Adam Heng their life savings, and in his sick greed, he robbed them blind," District Attorney Charles J. Hynes said in a statement.

One of the victims, a 78-year-old Korean war veteran, was bilked of $320,000 from the scammer.

The victims live in Washington, Wisconsin, Minnesota, Pennsylvania, Illinois and California.

The victims received false investment statements and small returns to keep them from growing suspicious, according to the indictment.

In all, he is accused of stealing $540,000 from the victims, most elderly people.

The suspect spent the money on strippers, jewelry, restaurants and a home in Binghamton.

Heng is charged with of grand larceny, money laundering and scheme to defraud. He faces up to 45 years in prison if convicted.

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WEB PRODUCED BY: Lakisha Bostick, Bob Monek