Hayim Regensberg guilty Friday of securities fraud and wire fraud. The 44-year-old faces up to 20 years in prison on each of nine counts.

Federal prosecutors say a Manhattan investment adviser has been convicted of bilking clients of more than $11 million, partly through a Ponzi scheme.A jury found Hayim Regensberg guilty Friday of securities fraud and wire fraud. The 44-year-old faces up to 20 years in prison on each of nine counts.His lawyer didn't immediately respond to telephone and e-mail messages Friday evening.
Prosecutors say that from 2004 to 2007, Regensberg made risky investments with his clients' money but told them he invested in other, safer investments.They say he also ran a Ponzi scheme, paying early investors with newer clients' money, and that he forged a bank statement showing an account held $9 million in investors' money when it actually had $9,000.