A convicted con artist from Long Island admitted in federal court in Trenton on Monday that he scammed investors in a purportedly revolutionary new aspirin — most of them elderly — out of $3.5 million that he used as his own personal piggybank.

Donald A. Milne III, a 57-year-old repeat offender from Massapequa, defrauded more than 70 victims from throughout the country who though they’d invested in Instaprin, which he touted as a “fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes,” Acting U.S. Attorney Rachael A. Honig said.

He used the money instead for a Caribbean vacation, boating expenses, divorce payments, clothing, and spa treatments — and to sustain and operate Island Raceway & Hobby Inc., a now-defunct remote-controlled toy race car business in Lindenhurst, she said.

A much smaller portion of the money went toward paying other investors in a “Ponzi-scheme fashion,” Honig said.

Milne – who’d pleaded guilty to investment fraud charges in a previous case more than 20 years ago — told the investors this time that their money was being used to cover “normal day-to-day operating expenses” of Instaprin, as well as “the costs involved in developing and commercializing its products,” the U.S. attorney said.

It wasn’t, she said.

Milne also lied when he told the victims that he’d assembled a “very strong world-renowned board of directors and medical advisory board” that included…

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