New York Attorney General Eric Schneiderman says Robert H. "Bob" Van Zandt in some cases took life savings, promising high rates of return on investments from 2008 through early 2011 though the money was used to pay previous investors or taken by him.
State Supreme Court Justice Denis Boyle has set bail at $500,000 for Van Zandt, who pleaded not guilty.
Authorities say Monday he ran the Van Zandt Agency for decades and began accepting investments from clients in 2007.
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