East Meadow Man Gets Jail Time for Ponzi Scheme

An East Meadow man was sentenced to two and one-third to seven years in prison Monday for victimizing friends and family in a ponzi scheme that lasted more than 20 years.

Between 1989-2009, Jay Hoffman, 58, while he was serving as the president of Security Income Planners, Suffolk County officials said.

Hoffman indicated that he invested in the purchase of apartments which were going co-op, the purchase of debt and real estate, as well as investments with lawyers and doctors. He promised a return rate between 9-12 percent.

Bank records indicate that he would receive money from his victims ranging from $5,000 at a time to in excess of $400,000, according to the Suffolk DA's office. 

In some cases Hoffman did return some people's entire principal, and in some cases, did not pay anything to other investors.   

Hoffman was charged with 11 counts of grand larceny in the second degee, 11 counts of grand larceny in the third degree and two counts of scheme to defraud in the third degree.