Prosecutors accused the men of using two Wall Street securities companies to rip off clients from 1998 through 2006.
They say the men made misrepresentations and left out key information. They induced victims to invest in opportunities that supposedly would yield huge returns.
But the government says investor money was instead used to enrich the defendants. It also was used to pay excessive undisclosed commissions to brokers and to pay off early victims in the fraud.
NEW YORK AND TRI-STATE AREA NEWS