A Massachusetts man has been indicted on grand larceny charges after allegedly posing as an investment broker and stealing more than $140,000 from a 9/11 victim and her widowed mother. Richard Yasnis, 43, from Natick, Massachusetts, allegedly claimed he would invest their money in a property renovation opportunity and the stock market.
According to Nassau County District Attorney Anne T. Donnelly, Yasnis met with the victim in May 2023 and falsely represented himself as a licensed investment broker working for Cahill Financial Group. He convinced the victim, who had assisted in the post-9/11 efforts at Ground Zero and subsequently developed medical issues qualifying her for 9/11 Victim Compensation funds, to invest in a real estate renovation opportunity promising a 20% profit. Yasnis also claimed he would invest the remainder in the stock market.
On July 31, 2023, the victim provided Yasnis with $48,800 in cash, followed by a $5,000 piece of jewelry for another investment opportunity Yasnis proposed on August 5, 2023. The victim’s 77-year-old widowed mother also decided to invest, giving Yasnis $88,000 in cash from her deceased husband’s life insurance policy.
Yasnis allegedly provided no receipts, stock certificates, or any documentation for the funds and jewelry received. By September 2023, when the victim demanded documentation, Yasnis failed to comply and ceased communication. An investigation revealed Yasnis was not a licensed investment broker and had never worked for Cahill Financial Group. The company “FlexPort,” in which he claimed to invest, is a privately held company with no publicly traded stock.
Yasnis was arrested on December 20, 2023, by members of the Nassau County Police Department. He was arraigned today before Judge Terence Murphy on two counts of Grand Larceny in the Second Degree and pleaded not guilty. If convicted, Yasnis faces up to 7-1/2 to 15 years in prison. He is due back in court on September 18, 2024.
DA Donnelly emphasized the egregious nature of Yasnis’ actions, highlighting the exploitation of a 9/11 victim’s compensation funds.
“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 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.”
Donnelly pledged that her office 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.”
The charges are merely accusations, and the defendant is presumed innocent until and unless found guilty.
