LI Investment Broker Ran $1 Million Ponzi Scheme: Nassau DA

MINEOLA, NY — A former investment broker from Glen Cove has been sentenced to up to seven and a half years in prison for running a $1 million Ponzi scheme that targeted friends and acquaintances, prosecutors announced.

Rand Heckler, 67, pleaded guilty in April 2023 to second-degree grand larceny and first-degree scheme to defraud. He was sentenced on Wednesday to two and a half to seven and a half years in prison.

Heckler also received a civil judgment for the restitution balance of $919,160 and forfeited $48,000 that was seized from his bank account, Nassau County District Attorney Anne Donnelly said.

"This defendant executed a classic Ponzi scheme, promising his friends and neighbors high-value investments, using money from new investors to pay earlier ones, and ultimately stealing a total of more than $1 million from several victims," Donnelly said. "Heckler lived large off of his victims’ funds, paying for a country club membership, the mortgage on his home, and his daily living expenses."

Between December 2015 and January 2020, the victims wrote Heckler 24 checks, totaling $755,159. During that time, the Heckler showed them statements with the names of the stocks and the hedge fund account’s current value. Heckler also showed them false trade confirmations as proof that the stocks had been purchased, Donnelly said.

In total, he stole $1,004,159 from four victims, the D.A.'s office said.