Naval Academy grad pleads guilty to Ponzi scheme

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August 12, 2014 | 5:46am

A Naval Academy grad pleaded guilty Monday to operating a $1.2 million Ponzi scheme in a plea deal that will land him in prison for a minimum of 1 ¹/₂ years.

Honorably discharged veteran Bryan Caisse, 50, solicited more than $1 million from more than 20 friends and former classmates to launch a bogus hedge fund in April 2008, according to prosecutors.

Caisse must pay restitution of approximately $1.4 million.

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