East Setauket man accused of stealing $8 million in Ponzi scheme

Posted: Updated:
EAST SETAUKET -

A Long Island financial adviser is accused of spending the life savings of elderly investors in a Ponzi scheme.

Police say Steven Pagartanis, of East Setauket, is charged with stealing up to $8 million from investors, including retirees.

Pagartanis, the owner of Omega Planning Associates, was arraigned Wednesday.

Suffolk County District Attorney Tim Sini says he used investors' money to "fund his personal lifestyle." He says there are over a dozen victims and there may be others.

Police say to contact them if you believe you are a victim.

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