Bergen County Accountant Admits to Defrauding Investors Through Multi-Million Dollar Ponzi Scheme and Failing to File Income Tax Returns

NEWARK, N.J. - A Bergen County accountant and tax preparer on February 17,2026 admitted to running a Ponzi and bank fraud scheme that bilked victims out of more than $10 million dollars and a related bank fraud scheme, among other crimes, Senior Counsel Philip Lamparello announced.

Evangelos Drosos, 51, of Glen Ridge, New Jersey, pleaded guilty before U.S. District Judge Michael A. Shipp in Trenton federal court to an information charging him with three counts of wire fraud, one count of bank fraud, and one count of failure to file an individual income tax return.

"For years, Evangelos Drosos abused the confidence his clients placed in him, operating a Ponzi scheme that funneled millions of their hard-earned dollars into his own lifestyle instead of legitimate investments. When investor funds ran dry, he escalated his conduct with additional fraud to keep the scheme going. This guilty plea holds him accountable and sends a clear message: those who run Ponzi schemes and exploit the faith of investors for personal gain will be identified, prosecuted, and brought to justice."

- Senior Counsel Philip Lamparello

"Mr. Drosos created a complex fraud scheme that turned trusting investors into devasted victims," stated Special Agent in Charge Jenifer L. Piovesan, IRS Criminal Investigation, Newark Field Office. "IRS-CI will continue working with our law enforcement partners to investigate those who betray the public's trust and hold them accountable."

According to documents filed in this case and statements made in court:

From 2013 through June 2025, Drosos used various businesses that he controlled to run a Ponzi scheme to falsely represent to his clients and other victim investors that he would manage their money through various investment strategies. In reality, Drosos did not invest his clients' money and, instead, co-mingled those funds with his other accounts, and used the funds either to repay other investors or pay his personal expenses, including vacations, a luxury vehicle, and real estate. In order to hide the scheme , Drosos provided his victim investors with false account statements. Drosos caused his victims to send him more than approximately $10 million, resulting in aggregate losses of more than approximately $3 million to victims.

In June 2024, the Ponzi scheme fell apart, and Drosos no longer had sufficient investor deposits to repay other investors. To cover his tracks, Drosos engaged in a check-kiting scheme in which he cut checks that exceeded the funds in his bank accounts, then deposited and quickly withdrew funds from other bank accounts before the bogus checks bounced. Using this scheme, Drosos fraudulently obtained nearly $500,000 from the victim banks.

Drosos also admitted that he failed to file an individual income tax return for tax year 2023.

The counts of wire fraud each carry a maximum penalty of 20 years in prison and a fine of $250,000, or twice the gross loss to the victim or gain to the defendant, whichever is greatest. The count of bank fraud carries a maximum penalty of 30 years in prison and a fine of $1,000,000, or twice the gross loss to the victim or gain to the defendant, whichever is greatest. The count of failure to file a tax return carries a maximum penalty of one year in prison and a fine of up to $100,000. Sentencing is scheduled for June 23, 2026.

Senior Counsel Lamparello credited special agents of the FBI's Newark Field Office, under the direction of Special Agent in Charge Stefanie Roddy; IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer Piovesan in Newark; Office of the Treasury Inspector General for Tax Administration (TIGTA), Mid Atlantic Field Division, under the direction of Special Agent in Charge Michael Carpenter; and the U.S. Postal Inspection Service, under the direction of Inspector in Charge Christopher Nielsen, Philadelphia Division, with the investigation leading to this guilty plea. He also thanked the Bergen County Prosecutor's Office, under the direction of Prosecutor Mark Musella; and the Sussex County Prosecutor's Office, under the direction of Prosecutor Daniel M. Perez, for their assistance.

The government is represented by Assistant U.S. Attorneys Robert L. Toll and George L. Brandley (Unit Chief) of the U.S. Attorney's Office's Health Care Fraud & Opioids Enforcement Unit in Newark.

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Defense counsel: Maximillian Novel, Esq.