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Nassau County District Attorney Madeline Singas announced that 48 victims of Pennsylvania’s Kevin Brody and Syosset resident Matthew Eckstein - who were arrested last year for their role in the scheme - received restitution checks that totaled approximately $4.6 million.
Last year, it was determined that Eckstein and Brody scammed a total of $12 million from 50 people - many of whom were senior citizens - while acting as financial advisers. In reality, the money the pair stole was used to pay for the two to live a lavish lifestyle.
Brody and Eckstein gave clients a username and password they could use at ConmacFunding.com to see their account statements and growing account balances, misleading victims into thinking their principal investment was with Conmac Funding and earning interest.
Each of the duo’s victims received between approximately $10,000 to $300,000.
Eckstein, 49, of Syosset, pleaded guilty Sept. 26 to felony charges of grand larceny and conspiracy. He faces up to 10 years in prison at his Dec. 13 sentencing. Brody, 55, was sentenced to 2 1/3 to 7 years in prison Sept. 12 after pleading guilty to theft and conspiracy charges.
"These thieves took advantage of the trust investors placed in them and scammed their victims —in many cases vulnerable seniors —out of at least $12 million in a massive Ponzi scheme," Singas said "I'm grateful to our prosecutors and our partners for holding them accountable and for their diligent work seeking restitution for the victims.”
The victims were from Massapequa, Seaford, Glen Cove, Oyster Bay, Plainview, Woodmere, Wantagh, Hewlett Harbor, Woodbury, Hicksville, Merrick, Oceanside, Smithtown, Melville, Dix Hills, Farmingdale, Miller Place, Staten Island, Brooklyn, Manhattan, Queens, Westchester, Fairfield County, Florida, California, South Carolina, North Carolina, Pennsylvania and New Jersey.
Attorney General Letitita James added, “fueled by greed, these bad actors tried to make a quick buck off the backs of working people. When New Yorkers invest their hard-earned savings, they should be able to do it without shady actors taking advantage of them. Whether you’re a local lender or a big Wall Street bank, everyone must play by the rules.”
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