A former broker has been charged with stealing nearly $1.24 million from 10 clients in an alleged Ponzi scheme.
Marat Likhtenstein, 64, of New York City was arraigned Monday in Brooklyn Supreme Court, Brooklyn District Attorney Eric Gonzalez announced. He was released without bail and ordered to return to court May 21.
Likhtenstein, a previously registered broker and investment advisor who was barred by the Financial Industry Regulatory Authority last year, was charged with eight counts of second-degree grand larceny, two counts of third-degree grand larceny, two counts of first-degree scheme to defraud, and 10 counts of violating New York business law.
Likhstenstein had issued 10 clients promissory notes promising high rates of return, the district attorney alleged.
“This defendant allegedly stole hundreds of thousands of dollars by persuading unsuspecting individuals to invest with false promises of high returns. Investors should be mindful that guaranteed high returns — especially without clear business details — are often a red flag,” Gonzalez said.
"We will now seek to hold this defendant accountable and secure justice for those affected," Gonzalez added.
From November 2015 to March 2025, Likhtenstein operated a fraudulent scheme using the promissory notes to induce individuals to invest in purported business opportunities, the DA said.
The defendant allegedly claimed that he could not discuss the details of the business opportunities with the investors but promised to pay them 20% through the notes, according to Gonzalez.
The prosecutor also alleged that instead of investing the funds in business opportunities, Likhstenstein used the money for personal expenses and to make partial payments to earlier victims of the Ponzi scheme.
At the time of the alleged scheme, the defendant was a FINRA-licensed financial advisor and a New York state-licensed insurance agent registered to sell securities and insurance products through Likhtenstein Financial Planning Inc., according to the DA’s office.
FINRA barred Likhtenstein in 2024 after he refused to provide requested information for an investigation initiated when Osaic reported that it had discharged him for failing to disclose personal loan transactions with a client, according to an authority letter of acceptance, waiver and consent.
An Osaic spokesman said the firm does not comment on legal proceedings.
Likhtenstein accepted FINRA’s findings without accepting or denying them and consented to being barred from associating with FINRA member firms.
The former advisor’s 30 years of industry experience with several firms includes registration with Osaic from November 2018 to June 2024, according to his FINRA BrokerCheck record.
Earlier, he was with Signator Investors (January 2001 to November 2018), Park Avenue Securities (May 1999 to January 2001), Guardian Investor Services (September 1998 to May 1999) and John Hancock (May 1994 to September 1998).
His LinkedIn profile lists him as president of Likhtenstein Financial Planning from December 2000 to October 2024.
Likhtenstein didn’t immediately respond to an email and a LinkedIn message seeking comment Tuesday.
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