A Hudson Valley man has been convicted for operating a multimillion-dollar investment club that was actually a Ponzi scheme.

Rockland County resident Ruless Pierre, age 51, of Nanuet, was convicted in Manhattan federal court of securities fraud, wire fraud, and structuring charges on Thursday, May 27.

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

  • From at least November 2016 through October 2019, Pierre solicited money from investors of Ruless Pierre Consulting Group by falsely promising them that he would earn a 20 percent return on their initial investment every 60 days through stock trading. 
  • These investment contracts generally promised that the investor would be paid 20 percent interest every 60 days and that the investor could withdraw all funds from the investment with 30 days’ notice.  Based on these documents and the false representations of Pierre, the investors understood that their principal and interest were guaranteed.
  • During the course of the investment fraud scheme, Pierre fraudulently obtained over $2 million from nearly 100 investors. After receiving money from investors, Pierre deposited the money into one of his personal bank accounts or bank accounts of the consulting group. 
  • Pierre then transferred the money to trading accounts, where he engaged in unprofitable day trading. Despite his trading losses, Pierre repeatedly and falsely represented to investors,…

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