A Manhattan Federal Judge Sentences Film Producer to Eight Years in Prison for Defrauding Investors out of $26 Million

Posted on August 2nd, 2018 at 10:50 AM
A Manhattan Federal Judge Sentences Film Producer to Eight Years in Prison for Defrauding Investors out of $26 Million

From the Desk of Jim Eccleston at Eccleston Law LLC:

New York film producer, David Bergstein has been sentenced to eight years in prison on seven fraud and conspiracy charges for defrauding investors out of more than $26 million. 

More specifically, Bergstein, who was convicted this March, owned and operated a boutique merchant bank called the Cyrano Group, Inc.

According to federal prosecutors, starting in 2011, Bergstein through the Cyrano Group, defrauded investors in Weston Capital Asset Management, a New York-based investment adviser. Moreover, Bergstein along with Weston Capital Asset Management’s general counsel, Keith Wellner, concealed information from investors about transactions involving their money and transferred funds from one pool of investors to make payments to others.

In addition, according to court documents, Weston orchestrated a market manipulation scheme with investment banker, Jason Galanis involving the reinsurer, Gerova Financial Group Ltd. In 2016, Galanis pleaded guilty to securities fraud in connection with Gerova Financials’ market manipulation scheme.

Before going into finance, Bergstein previously produced such films as “Before the Devil Knows You’re Dead” and “In the Heart of the Sea,” among others.

Eccleston Law is investigating the fraudulent activities of David Bergstein. Those with information should contact our law firm.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, manhattan, bergstein

Return to Archive

TESTIMONIALS

Previous
Next

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

April 25, 2024
B. Riley Financial Clears Air Amid Allegations, Stock Surges

Amidst swirling speculation regarding its connections with a client linked to the Prophecy Asset Management collapse, B. Riley Financial Inc. has conducted an internal
review, concluding no affiliations with the defunct hedge fund.

April 24, 2024
RIA Insurance Claims Skyrocket

A recent analysis by Golsan Scruggs reveals a staggering 231 percent increase in errors-and-omissions (E&O) liability claims among registered investment advisor (RIA)
insurers.

April 23, 2024
Surge Predicted in Regulation Best Interest Cases

According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.