United States
English original
New York investment firm president pleads guilty in $54 million Ponzi scheme
Officials said the president of a New York investment firm pleaded guilty Friday to a scheme that defrauded hundreds of investors over nearly three decades.
The president of a New York investment firm pleaded guilty Friday to running a $54 million Ponzi scheme that defrauded hundreds of investors over nearly three decades, officials said.
Richard Teplitsky, 72, of Williamsville, entered the guilty plea to mail fraud in federal court in Buffalo.
Teplitsky headed Woodhill Capital Corporation, which promised returns of at least 14% by financing loans to businesses buying commercial equipment.
Instead, Teplitsky paid earlier investors with money supplied by new investors. That practice is commonly known as a Ponzi scheme.
Prosecutors said the operation began in the mid-1990s and continued until March 2026.
Fabricated equipment-financing agreements and payment schedules were used to sustain the fraud by convincing investors that their money financed legitimate business loans.
Monthly payments to investors made the investments appear to be generating returns.
Prosecutors put the losses from the scheme at more than $54.4 million.
Teplitsky faces a maximum of 20 years in prison and a $250,000 fine.