A son-in-law of the former State Assembly speaker was arrested on Monday and accused of defrauding investors out of $7 million, according to a criminal complaint unsealed in federal court.
The defendant, Marcello Trebitsch, 37, of Brooklyn, told investors that he would use their money to trade in securities through his investment fund, and promised them double-digit returns with very low risk, according to a statement from the office of Preet Bharara, the United States attorney for the Southern District of New York.
Mr. Trebitsch's wife, Michelle Trebitsch, is the daughter of Assemblyman Sheldon Silver, the former speaker who has been indicted on corruption charges.
Agents for the Federal Bureau of Investigation arrested Mr. Trebitsch, and he appeared before a federal magistrate judge in Manhattan. He was charged with one count of wire fraud and one count of securities fraud.
The complaint said that Ms. Trebitsch, a certified public accountant, was a co-owner and managing partner of the investment fund, Allese Capital. She has not been charged.
According to the complaint, Mr. Trebitsch told his investors that he would use their money to buy large-cap stocks and promised returns of 14 to 16 percent. The investors, a Maryland real estate developer and his accountant, gave him $7 million between 2009 and 2013.
But Mr. Trebitsch invested only a portion of the investors' money and principally used the money for his own personal benefit and to repay other investors, the complaint said.
With the money that he did invest, the complaint said, Mr. Trebitsch suffered losses that he hid from investors by sending them "phony" monthly account statements and tax forms showing returns ranging from 15 to 19 percent.
The complaint said Mr. Trebitsch lied to investors about clearing his trades through a Wall Street bank that he claimed agreed to invest $50 million.
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