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East Meadow man jailed for Ponzi scheme
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Jay Hoffman
Courtesy Suffolk DA
East Meadow resident Jay Hoffman was sentenced on Monday in Suffolk County for facilitating a Ponzi scheme.
According to prosecutors, he stole millions of dollars from family, friends and other clients of his financial planning firm based in Bay Shore. Hoffman, 58, was sentenced to two 1/3 to seven years in jail on Monday after pleading guilty to multiple counts of grand larceny and scheme to defraud.
Prosecutors said Hoffman promised clients returns of up to 12 percent, but ended up using money from one investor to give to other investors and then pocketing a cut for himself.
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