Boca Raton trader pleads to Ponzi scheme

WEST PALM BEACH — A Boca Raton stock trader has pleaded guilty to one count of mail fraud for his role in operating a Ponzi scheme.

William Kirschner, 63, of Boca Raton ran a company called Brini Trading Group, which solicited $950,000 from 11 investors by promising returns of 3 percent to 7 percent a month.
Kirschner only invested $100,000, all of which he lost, according to court records. He spent $400,000 to fund what prosecutors called a lavish lifestyle.

In classic Ponzi fashion, Kirschner spent the majority of the money taken from newer investors to pay the older clients to create the appearance of profits.

Kirschner is scheduled to be sentenced on Nov. 6 by U.S. District Judge Kenneth L. Ryskamp.