NEW YORK — Prosecutors say a jury will return a verdict on Monday on two of the four people accused in the massive scheme to defraud investors in peer-to-peer lending platforms.
Prosecutors say the jury will find that three of the accused, Peer and Prolessas, lied to the Securities and Exchange Commission and the New York State Attorney General’s Office about the amount of money they laundered from the fraud.
Prosecutors have said the scheme, which was exposed in a lawsuit by investors, netted them more than $600 million and made the firms a financial pariah.
Prosecutors said the jury would also find that Peer and other defendants, including Prolesses wife, stole money from their clients and hid it.
The defendants were charged with fraud and conspiracy in November.
Prolessa was accused of funneling more than 1 million dollars from one client to a third party, but prosecutors say Prolessan did not transfer the money to the third party.
Prosecutors also say Proles wife, Maria Elena, laundered about $100 million from one of her clients to another, and used that money to purchase property in Brooklyn, Queens and Brooklyn, New York.
Prosecutors say she used the money for a personal use and did not contribute to the defendants’ bank accounts.
Proles attorney, Andrew Cohen, said his client and his client’s wife, Elena, were not guilty.
Prosecutors will also argue that the scheme had a chilling effect on people who invested in peer lenders and made money.
Prosecutors are expected to offer a series of closing arguments in the trial.
The verdict will be announced on Monday.