BROOKLYN, NY — A licensed Brooklyn financial advisor has been indicted for allegedly orchestrating a Ponzi scheme that defrauded 10 clients out of approximately $1.24 million over nearly a decade, prosecutors announced Monday.

Marat Likhtenstein, 64, of Sheepshead Bay, was arraigned on multiple grand larceny and fraud charges in Brooklyn Supreme Court, accused of using promissory notes with false promises of high returns to lure investors and fund personal expenses.

Key Points

Marat Likhtenstein allegedly stole $1.24 million from 10 clients over nearly 10 years.
He promised 20% returns on vague business ventures but used the funds for personal use.
Likhtenstein was released without bail and is due back in court on May 21.

Between November 2015 and March 2025, Likhtenstein allegedly issued promissory notes promising 20% interest but refused to disclose details about the supposed business ventures. Prosecutors say he used new investments to pay earlier victims in classic Ponzi scheme fashion.

In total, the indictment includes 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 state business laws.

Brooklyn District Attorney Eric Gonzalez said Likhtenstein convinced unsuspecting investors to hand over money with false assurances. “Guaranteed high returns—especially without clear business details—are often a red flag,” Gonzalez noted.

The defendant was released without bail and is scheduled to return to court on May 21, 2025.

Phil Stilton Latest posts

Phil Stilton is the Editor and Publisher of Shore News Network, an independent digital newsroom providing original reporting on New Jersey, national news, government, public policy, public safety, courts, and community affairs.

As founder of the publication, Stilton leads editorial strategy, investigative reporting, and daily newsroom operations while overseeing coverage that reaches millions of readers annually.

With extensive experience covering municipal government, county government, state legislatures, elections, law enforcement, emergency management, and public records, Stilton specializes in translating complex government actions into clear, factual reporting. His work frequently relies on primary source documents, including court filings, legislation, public meeting records, election finance disclosures, government databases, police reports, and Freedom of Information and Open Public Records Act (OPRA) requests. He has reported extensively on local government accountability, taxpayer spending, campaign finance, public corruption investigations, infrastructure, public safety, and the policies affecting New Jersey residents.

Under Stilton's editorial leadership, Shore News Network has grown into one of New Jersey's largest independent digital news organizations, publishing thousands of original news articles each year while providing breaking news coverage, investigative reporting, and analysis across state and local government. The publication's reporting is routinely sourced from official government agencies, public officials, court records, and firsthand documentation, with a commitment to transparency, attribution, corrections when warranted, and clearly distinguishing factual reporting from opinion.

Stilton's journalism follows established newsroom standards emphasizing accuracy, verification, fairness, and accountability. Every effort is made to verify information through official records and multiple reliable sources before publication. His reporting is intended to provide readers with timely, well-documented information that helps them understand the issues affecting their communities, while maintaining editorial independence from political parties, government agencies, advocacy organizations, and commercial interests.

Readers can submit story tips, corrections, public records, or media inquiries through the official Shore News Network website or its verified social media channels. Shore News Network welcomes corrections and updates when new information becomes available as part of its ongoing commitment to accurate and transparent journalism.