Norfolk man accused of securities fraud

According to the complaint unsealed in a Manhattan Federal Court Monday, Steven Byers, President and CEO of WexTrust Capital and Joseph Shereshevsky, a Principal and the former Chief Operating Officer are charged with Conspiracy to Commit Securities Fraud.

Byers and Shereshevsky, who live on Maury Avenue in Norfolk, are accused of defrauding more than 1,000 investors, mostly in the Jewish Orthodox community, of hundreds of millions of dollars.

According to the US Attorney's Office and FBI, from at least 2005 on, the men would raise money from investors for private placement offerings, then use all or part of the money for other purposes, including to pay off previous investments, without telling investors.

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