Sentencing day for LI man in Ponzi scheme

February 9, 2011 3:24:25 AM PST
It is sentencing day on Long Island for a man who cheated friends and family out of $3 million.

Prosecutors will ask a judge to throw the book at Steven Diaz, who faces 10 to 30 years in prison for grand larceny and fraud in the Ponzi scheme.

Diaz's victims thought they were investing in his mold, fire and flood remediation company.

Instead, Diaz spent the money on a Ferrari, vacations and a six-bedroom home.

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