Laurence M. Brown, an accountant in Westchester County, New York, was arrested and charged with one count of securities fraud, one count of wire fraud, and one count of money laundering for allegedly operating a $2 million Ponzi scheme.
Between January 2008 and July 2010, Brown was allegedly persuaded twelve different clients to invest more than $2 million in a fictitious natural gas company called Infinity Reserves-Tennessee, Inc. Brown allegedly used the investments to fund his and his family’s personal expenses. A small portion of the Investments were used to make payments to other investors.
If convicted, Brown faces a maximum penalty of more than 50 years in prison.