Federal prosecutors say a Manhattan investment adviser has been convicted of bilking clients of more than $11 million , partly through a Ponzi scheme . A jury founnd Hayim Regenensberg guilty Friday of securities fraud . The 44 year old faces up to 20 years in prison on each of the nine counts . Prosecutors say that from 2004 to 2007 , Regensberg made risky investments with his clients money , but told them he invested in other , safer investments .
They say he also ran a Ponzi scheme , paying early investors with newer clients money .
by the associated press
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