The man who admitted to defrauding clients out of $1 million has been sentenced to three to nine years in state prison.
Prosecutors say Rosenbaum solicited the money in private investments in his Saratoga Cheese Corporation. He promised investors substantial returns and stock shares but was accused of using the money to pad his bank account and line his pockets.
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“Exploiting hardworking New Yorkers for personal financial gain is reprehensible,” said Attorney General Schneiderman. “My office will continue fighting to root out securities fraud and fully prosecute those responsible for it.”
Some of that stolen money used to travel to and from Costa Rica where he paid for an apartment for a mistress.
New York Attorney General Eric Schneiderman says the scheme ran between 2006 and 2012.
