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Tag: Eastern District of New York Attorney’s Office
Multi-Million Dollar Ponzi Scheme: Oceanside Man Sentenced, Must Pay $3.3M In Restitution
A Long Island man has been sentenced to over three years in prison for running a yearslong Ponzi scheme and using the proceeds to pay off his gambling debts, officials announced.
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 diam…
