A Lower Hudson Valley man was found guilty of running multimillion-dollar Ponzi and embezzlement schemes.

Ruless Pierre, 51, of Nanuet was convicted in Manhattan federal court of securities fraud, wire fraud, and structuring charges.

“Ruless Pierre was brought to justice for callously lying to investors,” U.S. Attorney Audrey Strauss said. “Pierre told investors their investment returns were excellent, when in fact he failed to invest investor funds as promised, generated losses when he did invest, and diverted much of investor funds to his personal use and to repay investors in a Ponzi-like fashion. We will continue aggressively to pursue frauds like this one in order to protect investors.”

According to the allegations contained in the complaint, indictment, and the evidence presented at trial:

Investment Promissory Fraud

From at least November 2016 through October 2019, Pierre solicited money from investors of Ruless Pierre Consulting Group (“RPCG”) by falsely promising them that he would earn a 20 percent return on their initial investment every 60 days through stock trading.

During the course of the investment fraud scheme, Pierre fraudulently obtained over $2 million from nearly 100 investors. After receiving money from investors, he deposited the money into one of his personal bank accounts or bank accounts of RPCG. He then transferred the money to trading accounts, where he engaged in unprofitable day trading. Despite his trading losses, Pierre repeatedly and…

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