Perpetrator resorted to payday loans to keep alleged scheme afloat
Investors in private equity funds misled, money misused, SEC charges
Authorities allege that bridge financing firm was a Ponzi scheme
Scheme targeted existing clients, not the public, ex-rep tried to argue
Millions misappropriated over 20-year period
Fraudster sentenced in absentia after pleading guilty
Regulator concludes case against man serving 14 years for fraud
Platform used investors' money to finance operations, fund withdrawals
Court will consider disputes over clawback payments
Investors, mainly seniors, duped in pooled fund scheme, SEC charged