Brooklyn Financial Advisor Indicted in Multi-Million Dollar Ponzi Scheme, Highlighting Rising Risks in Investment Fraud

A licensed financial advisor has been charged in a multi-year Ponzi scheme that allegedly defrauded investors of over $2 million, underscoring ongoing vulnerabilities in retail investment markets and the importance of regulatory oversight.

Marat Likhtenstein, 65, of Sheepshead Bay, Brooklyn, was arraigned in February 2026 for stealing approximately $852,000 from five local investors via promissory notes promising unusually high returns. This case follows a separate 2025 indictment in which Likhtenstein allegedly defrauded ten other victims of $1.24 million in a similar scheme. Prosecutors say he used funds from new investors to pay earlier ones and diverted large sums for personal expenses, including luxury vehicles, trips, and other high-end purchases.

District Attorney Eric Gonzalez emphasized that this is a “classic Ponzi scheme” and a calculated abuse of trust: “The defendant exploited professional credentials and client relationships to lure victims into fraudulent investments. Our office is committed to holding individuals accountable for financial crimes and protecting the public from similar scams.”

As a FINRA-licensed financial advisor and New York State-licensed insurance agent, Likhtenstein had access to clients’ confidence, which prosecutors say he leveraged to perpetrate the schemes. Investigators identified patterns typical of high-risk investment fraud: promises of fixed high returns, opacity regarding the underlying business opportunities, and repeated requests for additional funds from victims, often under the guise of “taxes” or “administrative fees.”

The case highlights broader issues in financial crime prevention. Ponzi schemes and fraudulent investment platforms remain a significant threat worldwide, often exploiting trust in licensed professionals. Regulatory agencies such as FINRA and state securities authorities play a critical role in monitoring financial advisors, reviewing complaints, and coordinating with law enforcement to detect and dismantle illicit operations.