Matthew Enuco | NJ.com
nj.com
(TNS)
(Feb. 19) A Bergen County, NJ, accountant admitted to running a $10 million Ponzi scheme and committing other financial crimes, federal prosecutors said on Thursday.
Evangelos Drosos, 51, of Glen Rock, pleaded guilty to three counts of wire fraud, one count of bank fraud and failing to file one income tax return.
For 12 years, Drosos used a collection of businesses under his control to convince investors he would manage their money through a variety of investments, officials said.
In reality, Drosos made payments to investors using money from other investors while also using the money on personal expenses, including real estate, luxury cars and vacations, officials said.
Between 2013 and June 2025, Drosos collected about $10 million from investors, causing more than $3 million in losses, officials said.
Drosos also orchestrated a check-kiting scheme in June 2024 after the Ponzi scheme fell apart, officials said.
Drosos would write checks that exceeded the funds in his accounts and move money between accounts, then quickly withdraw funds before the checks bounced, officials said.
He obtained almost $500,000 through the check-kiting scheme, officials said.
Drosos is scheduled to be sentenced on June 23.
An attorney for Drosos did not immediately respond to a request for comment.
Photo credit: Hanizam/iStock
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