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Albany Insurance Broker Sentenced In $1 Million Fraud Scheme

cheese

An Albany insurance broker has been sentenced to nine years in prison for a $1 million securities fraud scheme.

Prosecutors say Lawrence Rosenbaum fraudulently solicited over $1 million from numerous investors as part of the scheme. They say the victims were promised substantial returns on their investment in the Saratoga Cheese Corporation. Instead, Rosenbaum used the money as a personal bank account. New York Attorney General Eric Schneiderman says the scheme ran between 2006 and 2012.

(c) 2017 Associated Press

Dave Lucas is WAMC’s Capital Region Bureau Chief. Born and raised in Albany, he’s been involved in nearly every aspect of local radio since 1981. Before joining WAMC, Dave was a reporter and anchor at WGY in Schenectady. Prior to that he hosted talk shows on WYJB and WROW, including the 1999 series of overnight radio broadcasts tracking the JonBenet Ramsey murder case with a cast of callers and characters from all over the world via the internet. In 2012, Dave received a Communicator Award of Distinction for his WAMC news story "Fail: The NYS Flood Panel," which explores whether the damage from Hurricane Irene and Tropical Storm Lee could have been prevented or at least curbed. Dave began his radio career as a “morning personality” at WABY in Albany.
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