Long Island jewelry wholesaler, 53, pleads guilty in $200million Ponzi scheme that targeted police and firefighters after blaming his failure to pay investors on the pandemic

A suburban New York jewelry wholesaler has pleaded guilty to fraud for running a $200 million Ponzi scheme targeting current and retired police officers and firefighters who were promised big profits from the resale of jewelry
Altieri’s company, LNA Associates Ltd, is listed at this Long Island address. According to a LexisNexis search, Altieri also lives at this home in Melville, New York

The defendant faces up to 20 years in prison at his scheduled March 31, 2021, sentencing.

Altieri, the president of LNA Associates Ltd, allegedly told investors he would use their money to buy wholesale jewelry at ‘closeout’ prices and resell it at higher prices, generating 30 to 70 percent profit within a few months.

Prosecutors said Altieri initially bought some jewelry but later used money from new investors to repay earlier investors, who reinvested that money believing he was generating the promised returns.

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