A money manager and a real estate developer already facing a regulator’s fraud lawsuit were charged with running a $96 million Ponzi scheme and diverting the proceeds to their New York beachfront resort, Bloomberg News reported yesterday. Brian R. Callahan and his brother-in-law Adam J. Manson were charged in a 24-count indictment unsealed today in federal court in Central Islip, New York. They pleaded not guilty and were released on bond. The men are accused of telling investors that their money was going into hedge funds and other investment vehicles while actually much of it was going to the unprofitable 117-unit Panoramic View Resort & Residences in Montauk.
