NEW YORK — The son-in-law of former New York Assembly Speaker Sheldon Silver pleaded guilty to running a $7 million Ponzi scheme.
Marcello Trebitsch, 37, offered his plea in US District Court in Manhattan on Monday on charges of wire fraud and securities fraud. He was arrested in April.
“I’m sorry for what I’ve done and I apologize to the court and my family,” Trebitsch reportedly said in court.
Trebitsch is facing up to 20 years in prison. The plea deal calls for him to serve between 51 to 63 months, according to the New York Daily News. He must also pay nearly $5.9 million in forfeiture and restitution.
He is married to Silver’s daughter Michelle, a certified public accountant, who was a co-owner and managing partner of the fraudulent investment fund, Allese Capital. She has not been charged in the fraud, which ran from 2007 to 2014.
Get The Times of Israel's Daily Edition
by email and never miss our top stories
By signing up, you agree to the
terms
Silver resigned in January after being arrested in an anti-corruption investigation.
Sentencing for Trebitsch is scheduled for Nov. 2 — the same day that Silver, who has pleaded not guilty, goes on trial, according to Reuters.
Help us report truthfully on social media
As a multimedia journalist, my job is to take the quality, fact-based journalism produced by The Times of Israel newsroom and make it accessible across every platform — from Instagram posts to podcasts to short-form videos.
This is how many, especially young people, consume news these days. But misinformation is rampant on social media. Our team at ToI produces accurate, responsible short-form reporting on Israel and the Jewish world.
If you believe in the importance of factual social media journalism, please consider joining our reader support group, The Times of Israel Community. Your financial support is essential to sustain responsible multimedia reporting.
— Gabriella Jacobs, multimedia journalist
Support our work
Support our work
Already a member? Sign in to stop seeing this
You're a dedicated reader
We’re really pleased that you’ve read X Times of Israel articles in the past month.
That’s why we started the Times of Israel - to provide discerning readers like you with must-read coverage of Israel and the Jewish world.
So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.
For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.
Thank you,
David Horovitz, Founding Editor of The Times of Israel
Join Our Community
Join Our Community
Already a member? Sign in to stop seeing this
Add ToI as a Preferred Source on Google
