An East Setauket financial planner admits he ran a Ponzi scheme – stealing $8 million from older Long Islanders and their life savings.

Steven Pagartanis has pleaded guilty to conspiracy to commit mail and wire fraud.

Pagartanis admits over the past 18 years he scammed more than a dozen victims out of more than $8 million.

Prosecutors say Pagartanis spent the money on personal expenses and luxury items.

Pagartanis will be required to pay back $3.5 million in restitution.

Pagartanis also faces up to 20 years in prison.