Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Alleged Propagator of 20 Year NY Ponzi Scheme Sentenced

After pleading guilty to a fraud scheme as well as grand larceny charges, financial planner Jay Hoffman was sentenced to up to seven years in jail. For sentencing purposes, the former president of Security Income Planners admitted to fraudulently obtaining funds from family, friends, and other clients of his Bay Shore firm.Prosecutors allege that Hoffman lured investors with promises of returns of up to 12 percent. However, bank records and other evidence show that he did not actually invest the savings entrusted to him by his clients.According to Suffolk County District Attorney Thomas Spota, “[…] (Hoffman) would use investor A’s money to pay ‘interest’ to investor B—while pocketing a hefty cut for his personal expenses.” Hoffman allegedly ran the Ponzi scheme out of his company, originally based in Syosset, between the dates of January 1989 and October 2009. Many individuals who invested with Hoffman were not aware of any potential fraud until Suffolk prosecutors launched an investigation. Authorities believe that Hoffman may have had as many as 40 victims, including his family members and many of his childhood friends.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram