A Jericho attorney convicted in a multimillion-dollar Ponzi scheme has been sentenced to 15 months to 4 years in prison.
Robert Cassandro was sentenced Tuesday after a two-month trial in State Supreme Court in Manhattan.
The judge ordered him to repay $5.8 million to investors.
He was found guilty of first-degree scheme to defraud. He was acquitted of the more serious charge of grand larceny.
Cassandro operated the scheme for a decade.
Prosecutors say he obtained loans for at least $11 million from relatives and friends for construction of homes on Long Island. Prosecutors say instead he used the money on luxuries including a racehorse.
Beginning in 2002, according to prosecutors and court documents, Cassandro got others to invest in his single-family home construction, promising them each that they were the sole investors and that their loans were secured. Unbeknownst to investors, he netted more than necessary to pay for the projects and later told them he was going to "roll over" their funds into new building projects, court documents said.
Cassandro argued he made the investments in good faith but wasn't able to repay the funds when the market crashed in 2007.
With Ellen Yan