|Victims' money paid for his lavish wedding|
A fraudster who falsely claimed that he had seventeen years' stock trading experience has been charged with 40 counts, including wire fraud securities fraud and money laundering, in a $30m Ponzi scheme that targeted members of the Haitian exile community. George Theodule* alleged that he could double their money in 30 to 90 days.
The defendant reportedly encouraged his victims to form investment clubs, so that small investors could bundle their money into large sums. he had previously been named in a civil lawsuit, filed by the Securities & Exchange commission, to put an end to his fraudulent activities.
*United States vs. Theodule, Case No.: 13-cr-80141-KAM (SD FL).