Long Island Ponzi schemer sentenced to 2.5 years

A Long Island man has been sentenced to two and a half years in federal prison for running a Ponzi scheme that defrauded numerous investors, including police officers and firefighters. Gregory Altieri, who owned a jewelry business, was found guilty of scamming tens of millions of dollars from people who thought they were investing in jewelry purchases. Altieri's scheme began in 2015, promising big profits from jewelry bought at discounted prices. He attracted investors from Queens, Staten Island, and Long Island. By 2018, he was paying older investors with money from new ones, a common tactic in Ponzi schemes. The scam began to unravel in late 2019, and by January 2020, Altieri bounced $74 million in checks. Despite his cooperation with federal authorities, which included wearing wires and making calls to help in investigations, this did not prevent his prison sentence. His lawyer argued that Altieri acted responsibly by coming forward before the investigation, but the impact on his victims was profound. One victim, Larry Pomerantz, spoke in court about the emotional and financial hardships caused by Altieri's actions. He expressed disbelief that Altieri, who had previously been a victim of a similar scheme, would go on to commit fraud himself. The judge acknowledged the severe effects of Altieri's actions on the victims while weighing his cooperation against the damage caused. Altieri is set to begin his prison term on June 18. Many of the victims are still dealing with the aftermath of the scam, and recovery efforts have only partially addressed their losses.