Yesterday, Old Westbury investment advisor Brian Callahan pleaded guilty to securities and wire fraud in connection with Montauk's Panoramic View resort. Callahan, who purchased the Panoramic View with his brother-in-law in 2007, siphoned cash from funds he managed into the money-losing resort. US Attorney Loretta Lynch said in a statement, "Through lies and deceit . . . [Callahan] misled investors and stole investor funds, including investments from a local fire department, to support a lavish lifestyle and operate a multimillion-dollar Ponzi scheme." The feds are moving to seize the resort. The other owner of the Panoramic View, Callahan's brother-in-law Adam Manson, pleaded not guilty and will appear in court next month.
· Investment adviser pleads guilty in $96M Ponzi scheme involving Montauk resort [Newsday]
· All posts about the Panoramic View [CH]