Best Buy Hit With Ponzi Scheme Suit Over Sham Investments

Law360 (August 3, 2021, 8:45 PM EDT) — Best Buy was hit Tuesday with a New Jersey federal lawsuit alleging company employees took part in tricking investors into pumping more than $2.6 million into sham companies involved in a Ponzi scheme under the ruse they were providing delivery and installation services for the retail giant.

Rafi Gibly and other plaintiffs made investments based on employees’ misrepresentations to him during private guided tours of a Best Buy distribution center that it had contracted with businesses run by Yevgeny Shvartsshteyn and Arsen Lusher, who ultimately admitted to Gibly that “the entire business venture had been a fraud,” according to the complaint….

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