New York, NY - Six Arrested for Fraud and Conspiracy

New York, NY - Six New York men were arrested and charged with fraud and conspiracy, accused of running a foreign exchange scam that cheated more than 230 investors out of as much as $7 million, government officials said.

The men, most of whom are U.S. citizens, are accused of operating a scheme from May 2002 to March 2003 where investors were cold-called with offers of out-sized returns on foreign currency investments, according to officials with the Federal Bureau of Investigation. It was a "classic fraud scheme," Special Agent-In-Charge Andy Arena said outside the FBI's New York headquarters.

The men were charged with 28 counts including wire fraud, mail fraud and conspiracy to commit fraud. 11 people were indicted. Four remain unaccounted for, 6 were arrested in New York, and one was arrested in Croatia, the FBI said.
The men who were arrested in New York early this morning were Adam Lichtenbaum, 25; Boris Tager, 34; Vincent Armato 24, Larry Shuster 24; Edward Sharov, 24; and David Lozovsky 30.