NJ man pleads guilty to ‘Ponz-like’ scheme that defrauded nearly 100, including other Orthodox Jews, of more than $47 million...

A New Jersey man pleaded guilty to running a Ponzi-like scheme that defrauded nearly 100 victims, including Orthodox Jews, of more than $47 million.

The SEC charged him and three others in the scam, warning that offers sounding too good to be true are likely fraudulent.