LI man accused of running Ponzi scheme
(AP) - A Long Island financial planner is beingaccused of stealing more than $2 million from clients in a Ponzischeme that included family and friends as victims.
Jay Hoffman, of East Meadow, pleaded not guilty Tuesday inSuffolk County Court.
Prosecutors say Hoffman promised returns of up to 12 percent.They say he used money from one investor to pay interest to anotherwhile pocketing a cut for personal expenses.
He allegedly ran the scheme for two decades and may have had upto 40 victims.
Hoffman was arraigned on 21 counts, including grand larceny andscheme to defraud. He was ordered held on $250,000 bond or $125,000cash bail.
He was represented by a Legal Aid attorney. There was no answerat the Suffolk Legal Aid office Tuesday night.