Stockbrokers accused of duping investors arraigned in Brooklyn

Two licensed Brooklyn stockbrokers were arraigned Tuesday for allegedly stealing more than $500,000 from unsuspecting investors.Kings County District Attorney Charles Hynes charged Damascus Lee and

FORT GREENE - Two licensed Brooklyn stockbrokers were arraigned Tuesday for allegedly stealing more than $500,000 from unsuspecting investors.

Kings County District Attorney Charles Hynes charged Damascus Lee and Ian Bynoe with grand larceny and money laundering. Hynes says the men started the scam in 2002 while working at a legitimate Fort Greene firm. The duo allegedly tricked six people, including someone from England, into investing in their fake real estate company called Vanguard Development and Management. Authorities say the suspects funneled funds into their personal bank accounts.

Lee and Bynoe each face up to 15 years in prison.

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