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John Quadrino, age 57, of Oceanside, was sentenced to 41 months behind bars and ordered to pay $3.3 million in restitution for running a million-dollar Ponzi scheme on Thursday, May 25, according to the Eastern District of New York Attorney’s Office.
Quadrino asserted to potential investors that his companies – Princess Cut Industries, Inc., Sassy Jewelry Buyers, Inc., and Golden Glitter Trading, Inc. – sold diamonds, jewelry, and gold to refineries and jewelers.
Under this guise, he convinced his investors to give him large amounts of money and promised them a fixed rate of return.
The Attorney’s Office states that Quadrino did not purchase gold, jewelry, and diamonds and instead began to operate a Ponzi scheme, paying his first investors back using money from later investors.
Quadrino was able to run his scheme for five years and would take out money for himself and to pay off his gambling debts.
In all, investors paid $13.1 million into Quadrino’s company. They suffered a loss of $3.3 million.
He pleaded guilty to conspiring to commit wire fraud in April 2018.
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