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NYers To Receive Share of $106M Settlement Over Vanguard Retirement Fund Changes NYers To Receive Share of $106M Settlement Over Vanguard Retirement Fund Changes
NYers To Receive Share of $106M Settlement Over Vanguard Retirement Fund Changes Thousands of New Yorkers forced to pay higher taxes on their retirement savings are set to receive restitution after a $106 million, multi-state settlement was reached with Vanguard Group. The agreement, announced by New York Attorney General Letitia James on Friday, Jan. 17, comes after the investment advisory firm failed to inform investors of changes to its retirement funds.  Those changes led to unexpected and significant capital gains tax bills for hundreds of thousands of investors, including over 15,000 in New York, James’ office said. An investigation found that Vanguard reduc…

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by Michael Mashburn
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Man Who Scammed Huntington Woman Out Of $200K In Retirement Savings Receives Sentence, DA Says Man Who Scammed Huntington Woman Out Of $200K In Retirement Savings Receives Sentence, DA Says
Man Who Scammed Huntington Woman Out Of $200K In Retirement Savings Receives Sentence, DA Says A man was sentenced for scamming a Long Island woman out of $200,000 of her retirement savings while pretending to be a home improvement contractor. Nicholas Spano, age 59, was sentenced to two to four years in prison on Wednesday, Jan. 18, after pleading guilty to second-degree attempted grand larceny in November, Suffolk County District Attorney Raymond Tierney announced. Investigators found that in September 2019, Spano gave the victim an estimate for home improvement work on her Huntington home and eventually manipulated the victim into giving him money for various reasons. He lat…

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by Nicole Valinote
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NY Man Sentenced For Role In $12M Ponzi Scheme Targeting Nearly 50 Victims NY Man Sentenced For Role In $12M Ponzi Scheme Targeting Nearly 50 Victims
NY Man Sentenced For Role In $12M Ponzi Scheme Targeting Nearly 50 Victims A New York man was sentenced for his role in a $12 million Ponzi scheme that targeted nearly 50 victims from throughout the region and the nation between 2015 and 2017. Long Island resident Matthew Eckstein, age 52, of Syosset, was sentenced on Monday, July 11 to three-and-a-half to 10-and-a-half years in prison. Eckstein originally pleaded guilty to the charges on September 26, 2019, but later withdrew his plea. A new indictment was secured in August 2020, but court closures related to the COVID-19 pandemic further delayed the case. “This defendant preyed upon seniors and hard-working men…

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by Joe Lombardi