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The Ponzi scheme that might pay victims

Clients' money was diverted into property that has turned out to be a good investment

YOU MAY GET YOUR MONEY BACK: The Panoramic View was such a good investment that now, two years after the Ponzi scheme masterminds were arrested, the investors stand a chance of recouping some of their money - a rarity in fraud cases.

Montauk, New York

WITH the ocean roaring in front of them, guests relaxed under white umbrellas on a recent summer afternoon here. Stacked against a hill behind them were the villas and cottages of the Panoramic View, the beneficiary of one of the most audacious frauds in Long Island