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Twin scammers sentenced in N.Y.

A pair of identical twin thieves was sentenced Friday to prison for scamming more than $2 million from dozens of people by making phony promises of can’t-lose investments.

Makara and Tsele Nkhereanye were sentenced to 3½ to 10½ years behind bars; the range reflects the possibility of time off for good behavior.

They pleaded guilty last month in New York to grand larceny and other charges.

The 39-year-old brothers “passed themselves off as financial pros, when in reality they were far from it,” Manhattan District Attorney Cyrus R. Vance Jr. said. “When the victims began to sense that something was wrong, the Nkhereanye brothers went to great lengths to cover their tracks.”

The twins’ lawyers didn’t immediately return calls Friday.

Holding themselves out as successful stock traders, the Nkhereanye brothers promised their 40 victims high profits and guaranteed they wouldn’t lose money -- and then lost big, prosecutors said.

The twins hid the losses by crafting false reports and using victims’ original investments to pay bogus profits, prosecutors said. The brothers also paid their own rent and bills with investors’ cash, according to prosecutors.

Some victims ultimately got some money back in the cash shuffle, but the brothers still owe more than $1.7 million in restitution, prosecutors said.

-- Associated Press

By Washington Post Editors  | October 25, 2010; 6:38 AM ET
Categories:  Around the Nation, Offbeat  
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Comments

Does anyone pay attention to the saying "If it sounds too good to be true then it probably is."?
Like every other scam it plays on either people's fear or greed. This one covers both...won't lose money and really huge returns.

Posted by: BigDaddy651 | October 25, 2010 12:49 PM | Report abuse

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