Boston Man Charged in Connection With Multi-Million Dollar Fraud Scheme

A 27-year-old Boston man has been arrested in connection wiht a three-year, multi-million dollar fraud scheme. 

Nathaniel Ponn is charged in a criminal complaint with two counts of wire fraud. 

According to court documents, it is alleged that from 2012 to 2015, Ponn opened more than 400 brokerage accounts at nine investment firms. The documents state he used false names, social security numbers, assets and income to open many of them.

The firms allow customers to transfer funds from another financial institution into the customer's brokerage account through an Automated Clearing House transfer. 

According to the complaint, Ponn provided ACH transfer information to firms for accounts he opened on more than 350 occasions, totaling more than $8.5 million in attempted transfers.

Ponn was allegedly able to purchase securitites totaling more than $2.7 million in accounts at eight investment firms. 

When the firms discovered that the ACH transfers were rejected, they liquidated the securities in Ponn's accounts. 

The case is being prosecuted by Assistant U.S. Attorney Mark J. Balthazard.

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