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Monsey Mother And Son Accused In $10 Million Ponzi Scheme

NEW YORK (CBSNewYork) -- An 80-year-old Monsey woman and her son have been charged with grand larceny after prosecutors said they scammed 75 people of $10 million in a Ponzi scheme.

Rockland County District Attorney Thomas Zugibe says Jeanette and Elliot Berney convinced their victims -- mostly neighbors and relatives -- to invest in their company, NHI Metals Ltd.

Zugibe said the duo told customers their money would be invested in European "bank notes'' or "metal securities.''

Authorities believe the Berneys kept most of the money, paying out only monthly interest payments to some investors.

Prosecutors believe the alleged scheme was launched in 2006 and continued up until this week.

Jeanette Berney has been charged with second-degree larceny. Elliot Berney was also been charged with second-degree larceny. Bail was set at $1 million. He is due back in court on March 15.

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