A New York City financial advisor has been indicted for a second time over what authorities say were schemes to steal from investors, according to a report by Financial Advisor.
65-year-old Marat Likhtenstein of Brooklyn faces multiple charges, including grand larceny and violating general business law. He is accused of orchestrating a Ponzi scheme in which he allegedly stole approximately $852,000 from five people to whom he issued promissory notes with high rates of return.
Likhtenstein was charged in a separate indictment in March 2025 with stealing approximately $1.24 million from 10 victims in a similar scheme
Brooklyn District Attorney Eric Gonzalez released details of the newest indictment, saying that between October 28, 2022 and February 5, 2026, the defendant allegedly operated a fraudulent scheme using promissory notes to induce individuals to invest in purported business opportunities. He allegedly claimed he could not discuss the details of the business opportunities with the investors but promised to pay them various rates of return including as high as 30 percent interest pursuant to the notes.
Likhtenstein is accused of stealing $378,500 from a 46-year-old man, $325,000 from a 69-year-old man, $79,000 from a different 46-year-old man, $37,100 from a 68-year-old woman, and $32,400 from a 68-year-old man.
It is alleged that instead of investing the funds in business opportunities, he used the money for personal expenses and to make partial payments to earlier victims of the Ponzi scheme.
“This indictment alleges that the defendant carried out a classic Ponzi scheme, exploiting his professional credentials and client relationships to steal hundreds of thousands of dollars,” Gonzalez said. “As charged, he issued promissory notes promising extraordinary returns, diverted investor funds for personal expenses, and used money from new victims to make payments to earlier ones. This alleged conduct reflects a calculated abuse of trust that we will prosecute vigorously.”
Likhtenstein was released without bail and ordered back to court on April 22. His attorney, Michael Giordano of Fasulo Giordano & Dimaggio in New York, did not respond to a request for comment by press time.
At the time of the alleged scheme the defendant was a FINRA-licensed financial advisor and a New York State licensed insurance agent registered to sell securities and insurance products through Likhtenstein Financial Planning Inc.
In September 2025, the SEC filed a complaint in federal court accusing Likhtenstein of perpetuating a Ponzi-like scheme targeting the Russian-American Jewish community between April 2017 and June 2024. Many of his clients were elderly, and with limited English capability, according to the complaint.
Likhtenstein did not admit or deny the SEC’s allegations but consented to a settlement, with monetary relief to be determined at a later date,. On Feb. 4, the court accepted the consent judgment.
As part of the agreement, Likhtenstein was permanently barred from the securities industry.
“Likhtenstein, while acting as an investment adviser, solicited, recommended, and sold self-issued investments in the form of promissory notes to at least 15 clients and raised more than $4.1 million,” the SEC’s complaint said.
To help sell the notes, Likhtenstein allegedly put up his Brooklyn house, with a purported value of $1.4 million, as collateral. But the SEC said he did not disclose that the house was heavily mortgaged and used as collateral with so many clients that it was essential worthless as a guarantee.
Likhtenstein allegedly told these clients if they purchased the notes through his “side business” they would earn between 10% and 20% interest rates through investments in business opportunities and other deals, the SEC said.
“In reality, Likhtenstein did not use Client funds to invest in business opportunities or deals; instead, he misappropriated their funds by making approximately $940,000 in Ponzi-like payments to other investors and by spending approximately $3.2 million on his personal expenses,” the complaint said.
Hyman Cotter routinely represents investors harmed when financial professionals and their firms engaged in misconduct that caused their clients investment losses. Our team includes lawyers who have worked for large financial institutions, including Morgan Stanley and UBS Financial Services, and regulatory bodies such as the SEC. If you think your financial professional or firm engaged in misconduct that caused you investment losses, contact Hyman Cotter at (833) 665-0784 or through our online contact form for a no-cost evaluation of your matter.
