The Keith Orlean Diaries
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In accordance with the allegations contained from the Grievance, the Indictment, and statements produced in linked court docket filings and proceedings:
Berman explained that there was no “Mike Palmer,” along with the salesman was one of Orlean’s two co-conspirators, who took turns utilizing the faux alias.
Orlean, Ziskind or Weinzoff would phone probable traders beneath the pseudonym "Mike Palmer" to offer a bogus time-delicate investment opportunity, based on the scheme described in court docket papers.
Throughout the duration of the conspiracy, the defendants properly solicited a lot more than $2 million in stock purchases from victims.
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Manhattan U.S. Lawyer Geoffrey S. Berman explained: “Keith Orlean and his co-conspirators attained greater than $2 million by Profiting from harmless investors – a lot of them aged – via blatant lies.
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Stage again in time and energy to the pre-Web period in the nineteen eighties, in which small business was done without modern technology.
Orlean, sixty one, of Dix Hills, pleaded responsible to one rely of conspiracy Keith Orlean to dedicate securities fraud, which carries a optimum penalty of five years in jail, and a single depend of securities fraud, which carries a optimum penalty of twenty years imprisonment.
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The alleged time-delicate investments ended up also fabricated because of the a few men, and the money went to businesses they controlled.
Because 2014, approximately 50 elderly victims received phone calls from both Ziskind or Weinzoff, both of those of whom recognized themselves as “Mike Palmer.” “Palmer” provided what he claimed to be a time delicate possibility to buy inventory in sure providers.