The son-in-law of former state Assembly Speaker Sheldon Silver pleaded guilty on Monday in federal court in Manhattan to fraud for engineering a $6 million Ponzi scheme.
Marcello Trebitsch, 37, of Brooklyn, told U.S. District Judge Vernon Broderick that from 2007 to 2014 he promised investors double-digit returns, sent them phony account statements to hide losses, and used their money for himself and to repay other investors.
He pleaded guilty to securities fraud, and faces a maximum of 20 years in jail. Federal sentencing guidelines call for him to serve 51 to 63 months.
Silver, a Manhattan Democrat who led the Assembly for more than 20 years, resigned this year and is facing federal corruption charges for using his clout to generate law firm referral fees.