Business & Finance

Short Hills Investment Manager Admits He Used Ponzi Scheme to Steal More Than $675,000

Mark Moskowitz Credits: Linkedin Profile

NEWARK, NJ – An investment manager with an office in Short Hills, admitted that he fraudulently induced investments, concealed investment losses, and diverted more than $675,000 in investor money for his own use, announced Acting U.S. Attorney William E. Fitzpatrick on March 28.

Mark Moskowitz, 48, of Short Hills, pleaded guilty before U.S. District Judge Katharine S. Hayden in Newark federal court to one count of wire fraud, according to a release from the U.S. Attorney's office.

In a separate legal proceeding, on March 28 the N.J. Bureau of Securities ordered Moskowitz and his trading company, Edge Trading LLC, to pay a $1 million civil penalty for selling unregistered fraudulent securities and misusing investors’ funds for personal expenses, stated the release from the U.S. Attorney's office.

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According to documents filed in this case and statements made in court: 

Moskowitz controlled an investment fund under the names Edge Trading Partners L.P. and Edge Trading LLC (Edge Trading). In addition to touting his investment skill and experience, Moskowitz concealed losses from investors and falsely told them that Edge Trading was growing year after year. Based on these misrepresentations, investors continued to entrust additional funds to Moskowitz and left previous investments under his control. 

Edge Trading was an investment fund that Moskowitz created and operated, starting in or around 2012. Moskowitz told investors that Edge Trading was invested in U.S. and foreign equities, futures contracts, and option contracts and that the fund’s investments continued to show positive returns. In reality, Moskowitz redirected investor money to his personal use, which he concealed from the investors. 

The count of wire fraud to which Moskowitz pleaded guilty carries a maximum potential penalty of 10 years in prison and a $250,000 fine. Sentencing is scheduled for July 5, 2017. 

Acting U.S. Attorney Fitzpatrick credited special agents of the FBI, under the direction of Special Agent in Charge Timothy Gallagher, with the investigation leading to the guilty plea.

Fitzpatrick also thanked the N.J. Bureau of Securities in the State Attorney General’s Office, under the direction of Attorney General Christopher S. Porrino and Acting Bureau Chief Amy Kopleton, for its assistance in the investigation. 

The government is represented by Assistant U.S. Attorney Jason S. Gould of the U.S. Attorney’s Office Criminal Division in Newark. 

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