A former broker banned from the securities industry now faces 22 criminal charges tied to an alleged Ponzi scheme that defrauded investors of over $1.2 million.
Marat Likhtenstein, 64, pleaded not guilty Monday in Brooklyn Superior Court to multiple felony counts, including grand larceny, scheme to defraud, and violations of New York’s General Business Law.
Prosecutors say Likhtenstein orchestrated a multi-year scheme in which he sold promissory notes to ten clients under the pretense that their funds would be used for confidential business investments.
Operating from Brooklyn’s Sheepshead Bay, Likhtenstein allegedly told investors he could not share specifics about the investments but guaranteed them 20% returns—an offer that should raise concern for fiduciary professionals familiar with risk-adjusted return norms.
Instead of deploying the funds into legitimate ventures, authorities allege Likhtenstein diverted client capital for personal expenses while using new funds to pay off earlier investors—classic hallmarks of a Ponzi scheme.
“This defendant allegedly stole hundreds of thousands of dollars by persuading unsuspecting individuals to invest with false promises of high returns,” said Brooklyn District Attorney Eric Gonzalez. “Guaranteed returns—particularly without transparency—are often a red flag for fraud.”
Michael Giordano, counsel for Likhtenstein, said his client denies wrongdoing and intends to “vigorously investigate and defend against these claims,” emphasizing that Likhtenstein has never faced previous criminal charges.
“We ask for patience as we work through the legal system, and respectfully request that the presumption of innocence be upheld until the facts are fully examined,” Giordano said.
BrokerCheck records show Likhtenstein entered the industry in 1994 with John Hancock Mutual Life Insurance. Most recently, he was registered with Osaic, where he spent more than five years before being terminated in June 2024 for “failure to disclose personal loan transactions with a client.”
Following his termination, FINRA launched an investigation into Likhtenstein’s conduct. In July 2024, the regulator barred him from the industry after he declined to provide documents or participate in on-the-record testimony.
The CFP Board followed in September 2024 by revoking Likhtenstein’s right to use the Certified Financial Planner designation.
His next court appearance is scheduled for May 21 in Brooklyn.
For RIAs and fiduciary advisors, this case underscores the importance of transparency, due diligence, and client education—particularly around unrealistic return promises and unregistered investments.
