Former Long Island Investment Broker Pleads Guilty to Million-Dollar Ponzi Scheme, Conned Friends and Strangers Alike
On Friday, April 21, the Nassau County District Attorney disclosed that Rand Heckler, a 67-year-old resident of Glen Cove, has confessed to operating a Ponzi scheme worth a million dollars. The former investment broker reportedly began the scheme in 2015 by persuading his friends to invest in a hedge fund of stocks and securities he managed. Heckler allegedly received 24 checks from victims between 2015 and 2020, totaling over $755,000. He would show his victims false trade confirmations and statements as evidence that the stocks had been bought.
The DA stated that one of the victim’s sons requested $100,000 from Heckler for his father's account in January 2020, where he had power of attorney. After weeks of postponements, the son received the money, which he believed was from stock sales. However, an inquiry found that the $100,000 had been wired from another victim who had assumed she was making a life insurance payment to her late husband’s hedge fund. The DA also alleged that Heckler cold-called people in other states and persuaded them to invest, in addition to including friends, neighbors, and acquaintances in the Ponzi scheme.
Heckler allegedly stole a total of $1,004,159 from four victims, using the money to cover his daily expenses, make mortgage payments, and sustain his country club membership. Nassau County DA Anne T. Donnelly noted that the defendant lived a luxurious lifestyle financed by the stolen money. She also remarked that investment brokers are relied upon to make informed financial judgments for their customers, but Heckler's actions revealed that he was only interested in his personal gain.
Heckler admitted to second-degree grand larceny and first-degree scheme to defraud. He is anticipated to be sentenced to a maximum of seven-and-a-half years in prison, relinquish $48,000 seized from his bank account, and obtain a civil judgment order for the balance of the restitution. Heckler is scheduled to appear in court again on Thursday, July 20th.