Rockland Man Indicted In Ponzi Scheme

WHITE PLAINS – A 50-year-old Nanuet man has been indicted by a federal grand jury on charges of securities fraud, wire fraud, and structuring charges. He was arrested in Nanuet on Monday.

The indictment alleges that Ruless Pierre engaged in two separate fraud schemes.

In one scheme, as the owner of his consulting firm, R. Pierre Consulting Group LLC, he solicited money from investors by falsely promising them he would earn a 20 percent return on their initial investment every 60 days through stock trading.

In truth and in fact, Pierre lost most of the money he traded on behalf of his investors, while falsely reporting to investors that their funds were growing as promised.

He also secretly reported to investors that their funds were growing as promised. Additionally, he used investors’ money to purchase luxury vehicles and a fast-food franchise for himself.

In the second scheme, Pierre defrauded his former employers, two hotels, by regularly embezzling funds out of bank accounts belonging to those hotels and then depositing them through structured transactions, into bank accounts Pierre controlled.

In total, Pierre stole over $400,000 from the hotels.

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