D.A. says Korn acted alone

Nassau County District Attorney Kathleen Rice’s office has said that Rockville Centre resident and well-known Oceanside community member Jay Korn acted alone in his alleged Ponzi scheme before taking his life nearly a year ago.

Korn committed suicide on March 24, 2010 by leaping off the roof of the Hempstead building of his law firm, Korn & Spirn. After his death, investors came forwarded and filed complaints with the DA’s office saying that Korn defrauded them out of $23.7 million.

According to Christopher Munzing, a spokesman at the DA’s office, the investigation determined that Korn acted alone in his alleged Ponzi scheme.

Korn was a member and past president of the Middle Bay Country Club, and he was also on the Board of Directors of the Friedberg JCC for more than 20 years.

People from across the country came forward in the wake of Korn’s death to file complaints against him. According to the complaints filed, Korn allegedly promised clients a 15 percent return on their investments.

After his death, Nassau County police spokesman Detective Lt. Kevin Smith said he believed there may have been several reasons why Korn took his own life. He may have believed a Ponzi scheme prosecution was looming, Smith said, adding that Korn had withdrawn money from his bank accounts prior to his death.

The investigation into how much money was lost — and how much can be recovered for investors — is still ongoing.