Arrest in Luzerne County Ponzi Case

/ 02.Apr, 2012

We have previously discussed the frequent involvement of lawyers in Ponzi schemes.  A 77-year-old Pennsylvania lawyer is now facing federal counts for allegations of a Ponzi scheme.  Anthony J. Lupas, Jr. was arrested on Thursday, March 29, 2012, and was charged for mail fraud in an alleged Ponzi scheme, involving approximately $4 to $5 million.

Mr. Lupas was immediately taken for an arraignment at the U.S. District Court.  Though he was released without requiring to post bond, he was forced to wear an electronic monitoring bracelet and must remain under house arrest unless an activity is approved by federal probation officers.

Lupas now faces 20 years in prison and a $250,000 fine.  Mr. Lupas’s son is Luzerne County Judge David W. Lupas, and the Judges in Luzerne are seeking to recuse themselves from the matter and a separate civil action where Mr. Lupas has been sued by more than twenty investors.

Josh J.T. Byrne, Esquire and Shilpa Kadoo