Prosecutors: Ex-NYC math teacher ran $70M Ponzi scheme

Markets Associated Press

A Long Island man fired from his New York City teaching job more than a decade ago has been charged with running a $70 million Ponzi scheme.

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Newsday reports 44-year-old Jason Nissen, of Roslyn, was charged Wednesday in Manhattan federal court with wire fraud.

Prosecutors say Nissen raised funding from two sources to buy blocks of tickets for major sports events and Broadway shows. Authorities say he was supposed to sell the tickets for profit but instead used the money for himself and to repay investors.

Nissen didn't enter a plea during a brief court appearance. His lawyer declined to comment on the charges.

Nissen was suspended in 2003 from his job teaching math at a Queens school for selling tickets to a free Dave Matthews concert to students. He was fired the next year.

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Information from: Newsday, http://www.newsday.com