New York’s Steven Canady Charged in Alleged $2 Million Ponzi Scheme

investor rights attorneysSteven Canady, 42, and owner of Alliance Warburg Capital Management, was charged in New York Supreme Court on January 14 with allegedly bilking more than $2 million from four companies as part of an intricate Ponzi scheme, according to reports from Manhattan.

Canady, who, between May of 2010 and June 2012, allegedly used the money to fund a lavish lifestyle,  has been charged with alleged acts of grand larceny, possession of stolen property and fraud, according to news from New York City.

Canady Allegedly Plundered More than $2 million from ABA Ventures, of Florida, West Chester Host, LLC of Kentucky, and Lents Construction in Tennessee

The recent New York indictment against Canady alleges that, between 2010 and 2012, he reportedly stole more than $2 million from three companies seeking capital to run their businesses: ABA Ventures, of Florida, West Chester Host, LLC of Kentucky, and Lents Construction in Tennessee.

Canady is no stranger to such incidents. bwas reportedly convicted in Georgia over similar crimes, according to New York prosecutors. What is more, said prosecutors reported that Canady also has come under scrutiny from banking and securities authorities in other states.

Finally, Canady also allegedly issued a false promise, a large return within 30 days of a $150,000 investment in a business venture, to another company, Global Capital Advisors in Georgia, according to the indictment and prosecutors.

Investment Rights Lawyers Investigating

The Peiffer Rosca Wolf investment rights lawyers often represent investors who lose money as a result of investment misconduct or Ponzi schemes. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment misconduct or a Ponzi scheme may contact the investment rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1169 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.