Authorities: Man swindled thousands from investors

Prosecutors accused a Brooklyn man Thursday of scamming hundreds of thousands of dollars from investors across the country. Authorities say Adam Heng sold fake stocks from his Sheepshead Bay home and

News 12 Staff

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Jun 20, 2008, 12:19 AM

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Updated 5,964 days ago

Prosecutors accused a Brooklyn man Thursday of scamming hundreds of thousands of dollars from investors across the country.

Authorities say Adam Heng sold fake stocks from his Sheepshead Bay home and fraudulently invested the money.

Jim Gilbert, a Korean War veteran who says he was swindled by Heng, thought he was going to double his investment.

?I didn?t know there was that kind of people out there,? says Gilbert, 76.

Heng?s victims stretched from Pennsylvania to California ? all but one a senior citizen, prosecutors say.

?What he did do is send bogus financial statements to them after they invested to indicate that, ?Look, your returns are doing great,?? says Assistant United States Attorney Dennis Ring.

Kings County District Attorney Charles Hynes says that while there are six known victims of Heng, he believes there could be many more across the country.