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BALA CYNWYD, Pa. (CBS) — A man dubbed by prosecutors as the “Bernie Madoff of Montgomery County” is now charged with defrauding three dozen people out of more than $800,000.

Robert Krikorian, who operated Bala Business Services in Bala Cynwyd, was initially charged with ripping off four people who were using him as a broker to buy businesses.

After a November court hearing, more than 30 other alleged victims came forward, telling police they were also swindled by the 56-year-old West Conshohocken man.

Montgomery County district attorney Risa Ferman says Krikorian betrayed the trust of his clients and used their money for personal expenses.

“This is a man who had his own Ponzi scheme going on — he took money from one person potentially in an effort to pay off someone else, and eventually was just using the money for his own purposes,” she said.

Two of the alleged victims are veterans who saved money while they were serving our country, hoping to one day purchase their own business.

Krikorian faces numerous theft and related charges. Bail was set at $500,000 cash.

Reported by Brad Segall, KYW Newsradio 1060.

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