A Homegrown Madoff Preys on His Bay Ridge Neighbors

In 1994, the year he turned 53, Carl Gambello was diagnosed with multiple sclerosis. Gambello knew that his income as an independent management consultant would not be enough to support his medical expenses in retirement. So he decided to invest his savings with Philip Barry, whose Leverage Group firm promised reliable returns of 12 to 16 percent. Seventeen years and $400,000 in investments later, Gambello said, “I’m not far from being on the dole.”
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