Husband and wife from South Brunswick indicted for running ‘Classic Ponzi scheme’ in New Jersey

A Middlesex County couple from South Brunswick, Swapni Rege, 50, and Reema Rege, 48, have been indicted by a state grand jury for their alleged involvement in a Ponzi scheme that defrauded investors of millions of dollars. The charges against them include various counts of fraud, theft, and money laundering, stemming from their actions between January 2020 and August 2022.

The couple operated under the entity called Swanpil, where they deceived two investors into investing money by making false promises of substantial returns. Prosecutors revealed that Swapnil Rege failed to disclose to the investors that he had been banned by the U.S. Securities and Exchange Commission since July 2019. The Rege’s reportedly misappropriated approximately $2.28 million for personal expenditures, such as purchasing a mansion, repaying debts, and covering other family expenses.

Aside from these misdeeds, Swanpil engaged in other illicit activities like extracting thousands of dollars worth of stocks and retirement funds from one investor, engaging in money laundering for counterfeit returns, and attempting to reimburse investors with a fraudulent check. His wife, Reema Rege, was also implicated in the scheme and allegedly received proceeds obtained unlawfully from investors, leading to her inclusion as a co-defendant in the case.

Attorney General Matthew Platkin, in a statement announcing the indictment, condemned the Rege’s actions, labeling them as perpetrators of a classic Ponzi scheme that exploited vulnerable individuals with deceptive promises of significant profits and guaranteed returns. He emphasized the importance of holding accountable those who seek to take advantage of New Jersey investors, affirming that they will face consequences for their actions.

The legal proceedings are ongoing, and both defendants are scheduled to appear for arraignment in Middlesex County at a later date. The charges levied against them underscore the serious nature of investment fraud schemes and serve as a warning to individuals seeking to defraud investors that they will be pursued and prosecuted to the fullest extent of the law.