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E. Meadow man pleads guilty in Ponzi scam

Jay Hoffman, 58, of East Meadow, is a

Jay Hoffman, 58, of East Meadow, is a financial planner accused of stealing money from friends and family in a $2.3-million Ponzi scheme. Hoffman pleaded guilty to grand larceny. Photo Credit: Suffolk County D.A.

An East Meadow financial planner accused of stealing money from friends and family in a $2.3-million Ponzi scheme has pleaded guilty to grand larceny and other charges, his attorney and Suffolk prosecutors said Monday.

Jay Hoffman, 58, is expected to be sentenced to 21/3 to 7 years in prison, said his attorney, Sean Dixon of the Legal Aid Society. Dixon declined further comment.

County Court Judge Gary Weber scheduled sentencing for Jan. 3.

Prosecutors said Hoffman stole $2.3 million from more than 20 victims, including members of his family.

Hoffman had promised investors up to 12 percent returns on investments, prosecutors said. He funded the scheme by taking money invested by one victim and using the money to pay interest to another victim, prosecutors said. Hoffman kept a cut of investments for himself, prosecutors said.

Hoffman pleaded guilty Friday to each count in a 24-count indictment that had been handed up earlier this year by a Suffolk grand jury, the district attorney's office said.

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