New York Jewelry Wholesaler Guilty in $200 Million Ponzi Scam.

(Bloomberg) -- A New York jewelry wholesaler admitted he ran a $200 million Ponzi scheme, falsely telling investors he was using their money to buy jewelry at "closeout" prices and reselling it at markups of 30% to 70%. Instead, prosecutors said, Gregory Altieri admitted on Wednesday that he used money from new investors to repay earlier investors. [Extracted from the article]