Bronx Tax Preparer Indicted For Running An Alleged Ponzi
For decades, Robert H. Van Zandt ran the Van Zandt Agency, a New York tax preparation firm based in the Bronx. But somewhere along the line, he began convincing clients to also invest their savings, retirement funds, and inheritances with him, the Post Star News reported. That apparently was a big mistake on their part: According to the New York Attorney General's Office, Van Zandt was allegedly running a Ponzi scheme that relieved clients of $4.6 million between 2008 and 2011. The cash was used to make Ponzi lulling payments to early investors, and to pay Van Zandt's personal expenses. He has now been indicted on 35 counts of securities fraud, money laundering, and other charges. The attorney general said Van Zandt's alleged actions wrecked retirement for many investors, and led others to apply for government assistance programs. His bail has been set at $500,000, the Post Star News added.