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Long Island News

NY Investment Advisor Allegedly Scammed Millions From Seniors

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A New York City investment advisor has been charged with ripping off dozens of senior citizens who trusted him with their retirement savings.

New York State Attorney General Barbara Underwood says Dean Mustaphalli diverted millions of dollars into his own hedge fund, forging signatures and initials.

When the fund was about to “hollow out,” he allegedly wrote himself a check for $100,000.

Underwood says Mustaphalli built the seniors’ trust when he worked in a Citibank branch, and convinced them to move their money when he started his own business.

“They were not big time investors. They had nest eggs in the bank for savings and retirement, and they had asked Mr. Mustaphalli to invest their money in safe, secure investments to generate a modest income on their savings.”

She says investors will only get back 20 cents on the dollar.