What You Need to Know

  • The unregistered advisor was convicted of two counts of securities fraud, one count of wire fraud and one count of structuring.
  • He faces a maximum of 65 years in prison when sentenced on Sept. 9.
  • The SEC also filed a complaint against him over the same Ponzi scheme.

The operator of a New York “investment club” called Amongst Friends was convicted Thursday in Manhattan federal court of securities fraud, wire fraud and structuring charges for running multimillion-dollar Ponzi and embezzlement schemes, according to Audrey Strauss, the U.S. attorney for the Southern District of New York.

After a trial before Judge Sidney Stein, unregistered investment advisor Ruless Pierre, 51, of Nanuet, New York, was convicted of two counts of securities fraud, each carrying a maximum sentence of 20 years in prison; one count of wire fraud carrying a maximum sentence of 20 years in prison; and one count of structuring that carries a maximum sentence of five years in prison, Strauss said. Sentencing is scheduled for Sept. 9 at 2:30 p.m.

Geoffrey Berman, the former U.S. attorney for the Southern District of New York, filed an indictment against Pierre on Nov. 4, 2019. The Securities and Exchange Commission separately filed fraud charges against Pierre and his business, R. Pierre Consulting Group (RPCG), for the same schemes, saying in a complaint filed Nov. 6, 2019, also in U.S. District Court for the Southern District of New York, that the defendant’s…

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