The owner of a New York City investment firm has been arrested for allegedly bilking a Long Island couple out of more than $100,000 by pocketing cash they gave him to buy stocks, Suffolk County police said April 9.
Ronald Feldstein, 66, of 130 W. 15th St., was arrested Tuesday by detectives from the Suffolk County Police Identity Theft Section and charged with fourth-degree grand larceny. Attempts to reach Feldstein for comment on Wednesday were unsuccessful.
Police said Feldstein and his Manhattan-based investment security firm, Trademore Capital, received $117,500 in cash and checks from a Long Island couple between August and October 2009 to buy stocks.
“In 2010, the couple requested the stock, KeyOn Communications, to be sold after the price rose and to have the proceeds mailed to them,” police said in a news release.
Cops said the couple never received the money and contacted police in 2011. An investigation by identity theft section detectives “determined that Feldstein never purchased stocks with the couple’s money,” police said Wednesday.
In September 2013, the Wall Street Journal reported the US Securities and Exchange Commission charged he allegedly defrauded brokerage firms to purportedly fund a lavish lifestyle. An attorney who represented him in that matter said by phone Wednesday he had not been retained to represent Feldstein in his criminal case.
Feldstein is expected to face a judge on June 4. If convicted, he could face up to four years in prison.