Long Island Ponzi Scheme Victims Get Their Money Back From Ponzi Schemers Matthew Eckstein and Kevin Brody

Prosecutors and Long Island Ponzi scheme victims say Matthew Eckstein and Kevin Brody took a page from Bernie Madoff’s playbook. They bilked nearly 50 victims of more than $12 million.

Now, two Long Island Ponzi scheme victims who were swindled in the Ponzi scheme are getting some of their money back.

One victim was retiree Laura Albergo:

He duped me and scammed me. He used to come to my house. I trusted him. I met his kids, I met his wife.

Nassau County District Attorney Madeline Singas says Albergo was among 48 victims of a massive Ponzi scheme. Prosecutors state Matthew Eckstein and Kevin Brody were the masterminds behind the scheme.

Linda Solliday of Seaford was also a victim. She said she and her husband can’t sleep at night. She told CBS12:

I feel very hurt. I feel very betrayed. All these people, not just myself, 50 victims!

Donald Karlsen was also a victim. He said Eckstein and Brody built the scheme on trust. He also said he was unaware the duo kept the money for themselves. Prosecutors say Eckstein used it to pay for fancy homes and cars.

However, unlike the Madoff case, prosecutors were tipped by an elderly victim to the ruse. As a result, they were immediately able to freeze bank accounts and real estate and recover $5 million of the $12 million stolen from victims.

Prosecutors recently presented restitution checks to victims.

Singas also stated her office is gratified they were able to give back some of the money.

Eckstein and Brody are going to prison. Singas also stated that her office will keep working to recover additional restitution funds for the victims.

Victims also claimed they received bogus bank statements showing their money was growing. As a result, prosecutors didn’t catch on to the scheme for years.