Oceanside Grifter Quadrino Accused of $6.3M Ponzi Scheme

CENTRAL ISLIP, NY – John Quadrino, 50s, of Oceanside, New York, is facing serious federal charges after a six-count indictment was unsealed today, alleging he masterminded a multi-million-dollar Ponzi scheme. Quadrino, the owner and operator of Princess Cut Industries, Inc., Sassy Jewelry Buyers, Inc., and Golden Glitter Trading, Inc. (collectively, the “Gold Purchasing Companies”), stands accused of wire fraud and conspiracy to commit wire fraud.

The indictment, revealed in federal court in Central Islip, details a five-year operation where Quadrino allegedly lured over 80 investors into providing approximately $13.1 million to his companies. The promise? Guaranteed, fixed rates of return on investments supposedly tied to the sale of gold, jewelry, and diamonds. But according to prosecutors, the shine was all a lie. The U.S. Attorney’s Office for the Eastern District of New York, alongside the FBI and the Nassau County District Attorney’s Office, uncovered evidence suggesting Quadrino never purchased significant quantities of precious metals or gems.

Instead, the government alleges Quadrino ran a classic Ponzi scheme, using funds from new investors to pay off earlier ones – a house of cards built on deception. The result? Investors suffered total losses of approximately $6.3 million. The indictment further claims Quadrino used investor capital for personal expenses, including fueling a gambling habit. He is scheduled to be arraigned this afternoon before United States Magistrate Judge Arlene R. Lindsay.

“As alleged, the defendant deceived investors with the promise of purchases of gold and other valuables and guaranteed returns, leading to his own enrichment and victim losses of over $6 million,” stated Acting United States Attorney Bridget M. Rohde. “We will not permit such conduct to go unanswered.” FBI Assistant Director-in-Charge William F. Sweeney, Jr. added, “Rather than carrying out his plan as promised, Quadrino dangled a shiny prospect in front of his victims while funneling their money into a scheme to defraud others and enrich himself.”

Nassau County District Attorney Madeline Singas was blunt: “This defendant is accused of pilfering the savings of dozens of innocent investors by promising them great returns, but instead he allegedly gambled their money away.” The collaborative investigation, spanning multiple agencies, managed to halt the scheme before further damage could be done. The charges against Quadrino are allegations at this point, and he is presumed innocent until proven guilty in a court of law.

If convicted on all counts, Quadrino faces a maximum sentence of 20 years imprisonment per count. The case is being prosecuted by Assistant United States Attorney Mark E. Misorek of the Office’s Long Island Criminal Division, with assistance from Special Assistant United States Attorney Matthew Sotirhos of the Nassau County District Attorney’s Office. The Grimy Times will continue to follow this case as it develops, bringing you the unvarnished truth from the federal courts.