CAMDEN — A federal grand jury has indicted a former New Jersey attorney and his father for taking part in a $13 million Ponzi scheme, according to the U.S. Attorney’s Office.
Michael Kwasnik, 47, of North Miami Beach, Fla., and William Kwasnick, 68, of Marlton, N.J., were indicted on Thursday on wire fraud, mail fraud, money laundering conspiracy and money laundering charges.
Michael Kwasnikfile photo
The statement said the two operated the scheme through the Cherry Hill and Philadelphia offices of Michael Kwasnik’s law firm and William Kwasnik’s insurance company in Lakewood and Cherry Hill, the release said.
According to court documents, the alleged scheme ran between October 2008 and November 2011, with more than 40 clients from the law firm defrauded. The two Kwasniks moved funds from clients’ trust accounts to themselves and then laundered the money through different entities, including William Kwasnik’s insurance company.
Michael Kwasnik was also charged with eight other counts of transacting in criminal proceeds.
The two men will appear in front of a judge on Feb. 21.
Rajeev Dhir may be reached at rdhir@njadvancemedia.com. Follow him on Twitter @googasmammoo. Find NJ.com on Facebook.
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