Ronald Hardy, a Port Jefferson native, pleaded guilty last year to defrauding other firms. Hardy was defrauding other firms in Melville. Due to his role in a huge stock scheme, he will now spend 10 years in prison. What Hardy and others did to defraud other firms included boosting stock prices artificially, convincing other investors to buy stock, and selling his own stock at the boosted prices in order to make a profit.
This stock scheme led to his investors to lose millions of dollars that they paid for the stock that Hardy tampered with. Dennis Verdarosa from Coram was also charged with conspiracy and was found guilty. Verdarosa will be spending six years in prison.