“I’m ashamed”: Josh Schuster pleads guilty to Ponzi scheme

Josh Schuster pleaded guilty to securities fraud Friday and agreed to forfeit $13 million in assets to repay his victims. The Silverback Development founder appeared in Manhattan Federal court Friday afternoon, where he admitted that he lied when he raised money from investors for certain development projects, knowing full well at the time that he planned to use the money for other purposes. “I knew what I was doing was wrong and I’m ashamed of those decisions,” he said. Schuster, 42, appeared in the courtroom dressed in a grey suit and listened intently as District Judge Valerie Caproni explained that […] This article originally appeared on The Real Deal. Click here to read the full story.