Albany Insurance Broker Sentenced In $1 Million Fraud Scheme

Mar 16, 2017

An Albany insurance broker has been sentenced to nine years in prison for a $1 million securities fraud scheme.

Prosecutors say Lawrence Rosenbaum fraudulently solicited over $1 million from numerous investors as part of the scheme. They say the victims were promised substantial returns on their investment in the Saratoga Cheese Corporation. Instead, Rosenbaum used the money as a personal bank account. New York Attorney General Eric Schneiderman says the scheme ran between 2006 and 2012.

(c) 2017 Associated Press