Allegedly Posed As Investment Broker, Swindled Them out of Over $140,000
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 on August 1, on two counts of second degree grand larceny, a Class 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 woman 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 Fund.
Between May and June 2023, Yasnis met with her and allegedly claimed to be a licensed investment broker working for Cahill Financial Group. He allegedly told her about a real estate renovation opportunity in which he could invest her money and provide her with 20% of the profit. He also allegedly told her that he could invest the remainder of the funds she provided in the stock market.
After she found out that she would receive money from the VCF, she began communicating with him about the investment opportunities, and on July 31, 2023, she provided Yasnis with $48,800 in cash.
On August 5, 2023, he allegedly informed her of another opportunity to invest in the company “Flexport” when, according to Yasnis, it went public several months later. Yasnis allegedly told her that he needed to raise $150,000 to buy in.
She gave him a piece of jewelry worth approximately $5,000 to sell and directed that the money be used toward the investment. Her mother, a 77-year-old widow, also decided to invest with Yasnis and cashed in a portion of her deceased husband’s life insurance policy. He was given $88,000 in cash.
Yasnis did not provide receipts, stock certificates, or any documentation when he received the funds and jewelry.
In September 2023, she began to demand he provide documentation of the investments that she and her mother had made. He failed to provide documentation and allegedly refused to return the money and ceased communication with the victims.
An investigation revealed that Yasnis 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.
Yasnis was arrested on December 20, 2023, by members of the Nassau County Police Department.
“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 Nassau County District Attorney Anne 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.”
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