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L.I. Financial Adviser Accused Of Scamming Seniors, Living High Life

June 12, 2018 - 3:15 pm
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SYOSSET, N.Y. (WCBS 880) -- A Long Island man is accused of living the high life by scamming senior citizens.

As WCBS 880’s Sophia Hall reported, Nassau County District Attorney Madeline Singas said 14 people were scammed.

Matthew Eckstein, a financial adviser, is accused of running a $5 million Ponzi scheme.

“I think he just basically said whatever he needed to say to people to get them to invest with him,” Singas said.

Singas said Eckstein, who was based out of Syosset, used the ill-gotten gains to live the high life.

“I know that he used some of the money to pay for the downpayment of a home in Syosset – a beautiful home with a tennis court and a pool – so he used some of the money for that,” Singas said.

The DA believes there could be more victims out there.