Montco Ponzi Schemer Pleads Guilty
NORRISTOWN, Pa. (CBS) -- The man dubbed by prosecutors as the "Bernie Madoff of Montgomery County" has admitted in court that he stole more than $870,000 from more than three dozens clients.
Prosecutors say Robert Krikorian, who ran Bala Business Services in Bala Cynwyd, was running an elaborate Ponzi scheme for more than three years. They say the 56-year-old West Conshohocken man was hired to help his clients buy businesses but instead was using their money for personal and business expenses.
Krikorian has now pleaded guilty to 39 counts of theft, and according to prosecutor John Walko is looking at several years behind bars.
"We will be seeking a state sentence," says Walko. "There's too much money, too many victims, to have his level of involvement minimized."
Prosecutors say two of the victims are veterans who saved money to buy a business while they were serving our country overseas.
Defense attorney Greg DiPippo says his client feels horrible about what he did and hopes to make his victims whole.
Krikorian remains behind bars while awaiting sentencing.
Reported by Brad Segall, KYW Newsradio 1060.
