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Rand Heckler, age 67, of Glen Cove, pleaded guilty to running a million-dollar Ponzi scheme where he conned acquaintances and strangers out of hundreds of thousands, the Nassau County District Attorney announced on Friday, April 21.
The former investment broker started the scheme in 2015 by recommending that friends invest in a hedge fund of stocks and securities he was managing, the DA said.
Between 2015 and 2020, Heckler received 24 checks from his victims totaling over $755,000. He would show the victims statements and false trade confirmations to prove the stocks had been purchased.
Then, in January 2020, the DA reported, one of the victim’s sons asked Heckler for $100,000 out of his father’s account, of which he had power of attorney.
After weeks of delay, the victim’s son received the money, which he thought was from the sale of stock.
However, an investigation revealed that the $100,000 had been wired directly from another victim, who thought she was making a life insurance payment into her deceased husband’s hedge fund.
In addition to involving friends, neighbors, and acquaintances in the Ponzi scheme, the DA claimed Heckler would also cold call people in other states and got them to agree to invest.
In total, he stole $1,004,159 from four victims.
Heckler allegedly used the money to make mortgage payments, maintain a country club membership, and for other daily expenses such as dry cleaning.
“The defendant used the stolen cash to finance a luxurious lifestyle, that included a country club membership and other expenses,” said Nassau County DA Anne T. Donnelly.
“Investment brokers are trusted to make smart financial decisions for their clients, but this defendant’s conduct shows he was only in business for himself.”
Heckler pleaded guilty to:
- Second-degree grand larceny
- First-degree scheme to defraud
It's expected that he will be sentenced to up to seven-and-a-half years in prison, forfeit $48,000 that was seized from his bank account, and receive a civil judgment order for the restitution balance.
He is due back in court Thursday, July 20.
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