Legal Question in Criminal Law in New York

Search Warrant from NY DA-Fraud Unit

My brother and i are individual investors who had a brokerage acct at Fidelity. Over the last two years, we raised about 2.5 million from about 50 investors and wrote in one page contracts that asssuming we made a profit over each 28 business day term, we would make dividend payouts and we would repay initial investment at the end of the term that ranged from 3 months or more. In addition to these payouts, we had sustained massive losses in our penny stock investments and essentially got wiped out. We told clients that we were not registered brokers/traders. But we emailed them fictitious monthly reports and did not inform prospective clients of our losses. Me, my brother and mom have invested about $250k of our own money that we lost. We did not financially benefit from this arrangement, have no prior criminal history. We did get about $150k cash from about 10 clients. Last Tues, the fraud unit of the NY DA office served us with a search warrant and we voluntarily went in for taped interviews and admitted to our wrongdoing and gave up names of those who gave us cash. Asked to come in for further questioning soon as this is part of an ongoing investigation. Our finances are low. Wanted to know jailtime/fines/advice?

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