Oceanside resident John Quadrino, 57, was sentenced to 41 months in prison and ordered to pay $3.3 million in restitution on Thursday, May 25, according to the Eastern District of New York’s Attorney’s Office Kim to compensate him for the million dollar Ponzi scheme he perpetrated on Thursday, May 25th.

Quadrino alleged to potential investors that his companies — Princess Cut Industries, Inc., Sassy Jewelry Buyers, Inc. and Golden Glitter Trading, Inc. — sold diamonds, jewelry and gold to refiners and jewelers.

Using this as a cover, he persuaded investors to give him large sums of money, promising them a fixed rate of return.

Instead of buying gold, jewelry and diamonds, Quadrino began a Ponzi scheme, paying off his first investors with money from later investors, the prosecutor’s office said.

Quadrino was able to run his scheme for five years and would take the money out for himself to pay off his gambling debts.

In total, investors paid $13.1 million to Quadrino’s company. They lost $3.3 million.

He pleaded guilty to conspiracy to commit wire fraud in April 2018.

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