Nassau County District Attorney Anne T. Donnelly announced that a Massachusetts man was indicted on grand larceny charges for allegedly posing as an investment broker and swindling a 9/11 victim and her widowed mother out of more than $140,000, falsely claiming that he would invest their money in a property renovation opportunity and in the stock market.
Richard Yasnis, 43, of Natick, Massachusetts, was arraigned today before Judge Terence Murphy on two counts of Grand Larceny in the Second Degree (a C felony). The defendant pleaded not guilty and was released on his own recognizance. If convicted, Yasnis faces up to 7-1/2 to 15 years in prison. The defendant is due back in court on September 18, 2024.
“Richard Yasnis allegedly misrepresented himself as a successful Wall Street investor, selling his victims promises of financial opportunities that would grow their assets to ensure they would live comfortably for years to come,” said DA Donnelly. “But instead of helping these women to secure their futures, Yasnis allegedly stole more than $140,000 from them – funds that were drawn in part from one of the victim’s 9/11 compensation for her work at Ground Zero in the aftermath of the terrorist attacks. We will never allow the brave men and women who fell ill after their incredible service and sacrifice in those dark days to be exploited by charlatans.”
DA Donnelly said that the victim assisted in the post-9/11 efforts at Ground Zero in 2001 and as a result, developed medical issues that qualified her for 9/11 Victim Compensation funds.
Between May and June 2023, the defendant met with the victim and allegedly claimed to be a licensed investment broker working for Cahill Financial Group.
The defendant allegedly told the victim about a real estate renovation opportunity in which he could invest her money and provide her with 20% of the profit. The defendant also allegedly told the victim that he could invest the remainder of the funds she provided in the stock market.
After the victim found out that she would receive 9/11 compensation, she began communicating with the defendant about the investment opportunities, and on July 31, 2023, the victim provided the defendant with $48,800 in cash.
On August 5, 2023, the defendant allegedly informed the victim of another opportunity to invest in the company “Flexport” when, according to the defendant, it went public several months later. The defendant allegedly told the victim that he needed to raise $150,000 to buy in.
The victim gave the defendant a piece of jewelry worth approximately $5,000 to sell and directed that the money be used toward the investment. The victim’s mother, a 77-year-old widow, also decided to invest with the defendant and cashed in a portion of her deceased husband’s life insurance policy. The defendant was given $88,000 in cash.
The defendant did not provide receipts, stock certificates, or any documentation when he received the funds and jewelry.
In September 2023, the victim began to demand the defendant provide documentation of the investments that she and her mother had made. The defendant failed to provide documentation and allegedly refused to return the money and ceased communication with the victims.
An investigation revealed that the defendant is not a licensed investment broker and was never employed by Cahill Financial Group. “FlexPort” is a privately held company and has no publicly traded stock.
The defendant was arrested on December 20, 2023, by members of the Nassau County Police Department.
The case is being prosecuted by Senior Investigative Counsel April Montgomery of the Financial Crimes Bureau under the supervision of Bureau Chief David Crowley and the overall supervision of the Executive Assistant District Attorney for the Investigations Division Rick Whelan. The defendant is represented by Joseph LoPiccolo, Esq.
The charges are merely accusations, and the defendant is presumed innocent until and unless found guilty.