NEW YORK — Bret A. Grebow, a co-manager and trader of an investment fund, HMC International LLC (“HMC”), pleaded guilty Tuesday to defrauding investors of more than $7 million in what federal authorities said was a “Ponzi scheme”.
GREBOW told investors that he was getting back handsome returns on investments, when in fact he was not, the U.S. Attorney’s Office said.
Instead, Grebow used investor funds to pay other investors in what appeared to be a classic Ponzi scheme, authorities said.
