PA fugitive wanted for $8.5M Ponzi scheme arrested in Dothan
November 9, 2011 at 8:31 PM CST - Updated June 25 at 9:12 PM
DOTHAN, AL (WSFA) - A fugitive wanted in connection with an $8.5 million Ponzi scheme in New Jersey was arrested today in Dothan. Authorities say he was in possession of items "essential for out of country travel" at the time.
According to the Dothan Police Department, the DPD Narcotics Unit made contact with two people at the local Greyhound Bus Station after receiving an anonymous tip that the pair was attempting to transport drugs. Officers did not find drugs, instead they located 42-year-old Philadelphia Estate Lawyer, Michael Kwasnik.
Kwasnik is wanted in New Jersey on money laundering and theft charges. New Jersey prosecutors say Kwasnik headed an $8.5 million Ponzi scheme that "cleaned out dozens of retirement accounts."
Police say Kwasnik had multiple items needed to leave the country such as passports and maps.