Glen Cove man pleads guilty to running $1 million Ponzi scheme
A Glen Cove man has pleaded guilty to running a $1 million Ponzi scheme for nearly five years.
Nassau District Attorney Anne Donnelly says 67-year-old Rand Heckler told friends to invest in a hedge fund that he was managing.
Heckler received checks that victims thought would be going toward stocks, but the 67-year-old spent the money on his mortgage, a country club membership, as well as credit card payments and daily expenses.
He is expected to serve 2 1/2 to seven and a half years in prison.