Ex-Glen Cove broker pleads guilty to $1M scheme

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Heckler spent the $1 million on his mortgage, a country club membership, credit card payments and daily expenses.

He pleaded guilty to one count of second-degree grand larceny and a fi rst-degree scheme to defraud, both felonies.

The Nassau County Office of the District Attorney said he is expected to be sentenced to up to 2 ½ to 7 ½ years in prison, forfeit $48,000 that was seized from his bank ac- count and receive a civil judgment order for the restitution balance.

“Rand Heckler roped friends, neighbors and even strangers he cold-called into a Ponzi scheme that drained them of more than $1 million dollars,” District Attorney Anne Donnelly said in a press release. “The defendant used the stolen cash to fi nance a luxurious lifestyle, that included a country club membership and other expenses. Investment brokers are trusted to make smart fi nancial decisions for their clients, but this defendant’s conduct shows he was only in business for himself.”

The case was brought to the district attorney’s offi ce in May 2020 by the SEC and the Financial Industry Regulatory Authority after they had found Heckler had wired $100,000 directly from one victim’s bank account to another victim’s son in February 2020.

In January 2020, a victim’s son, who has power of attorney for his father, asked Heckler for $100,000 from his father’s account. In February 2020 he received the money via a wire to his bank account and was told the money was from the sale of stock.

The money had actually come from Heckler’s neighbor, another victim, who had believed she was wiring a $100,000 life insurance payment from her deceased husband into the hedge fund.

At least two other victims were identifi ed during the investigation, according to the district attorney’s office.

Heckler is due back in court on July 20, when he is expected to be sentenced.