Peter Liounis Convicted in Multi-million Dollar Investment Scam

Peter Liounis, a Staten Island resident, was convicted by a Brooklyn federal court jury for nine counts of fraud and could face up to 20 years for each conviction. Liounis, who has a history of scamming investors, swindled around $5 million from clients in a scheme that ran from May 2010 until April 2012, according to prosecutors.

Liounis allegedly represented himself as “Mark Anderson” in order to solicit investors for Grayson Hewitt, a fake company. Liounis would tell prospective clients that the company was investing in personal-injury lawsuits and promised returns of 15 percent and over. To carry out the ruse, Liounis and his co-conspirators supposedly send victims bogus account statements and other various correspondence through a Brooklyn mailbox in Avenue U.

Prosecutors claimed that Liounis lied to his victims over and over again in order to steal their hard earned savings. As part of a series of court-ordered wiretaps, conversations between Liounis and the son of a client, who had recently suffered a heart attack, was recorded. In the telephone call, the son asked that his father’s investment be released so he could use the money to put his father into assisted living. Liounis lied to the younger man and claimed that his father had already depleted his Grayson Hewitt account leaving only $3,000, despite actually containing $23,000 according to the records.

In another conversation, an investor who was worried about the legitimacy of the Grayson Hewitt account ask Liounis on the possibility that it was “a Bernie Madoff deal.” Liounis assured the man and stated confidently, “you gotta understand, the amount of money we handle here, we’d go away for a hell of a lot longer than Bernie did.”

Liounis was convicted after a two-week trial, for six counts of wire fraud, and one count each of mail fraud, securities fraud and wire-and-mail-fraud conspiracy. Liounis‘s lawyer, said his client would “pursue all legal avenues to overturn the conviction.”

The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting investors with the recovery of their losses. 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 fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1225 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.


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