On Monday, November 10, 2014, James M. Peister pleaded guilty at the federal courthouse in Central Islip, New York, to securities fraud for operating a $17.9 million Ponzi scheme. Peister deceived investors about the stability and performance of their investments in a fund that he founded and managed to prevent them from seeking to redeem their interests. Pursuant to his plea agreement with the government, Peister agreed to pay $9,657,218.65 in restitution to the victims of his fraud and consented to the forfeiture of $17.9 million, which includes his residence in St. James, New York, and his Hummer sport utility vehicle. When sentenced, Peister faces up to 20 years in prison and a fine of up to $5,000,000. Read more