Audrey Strauss, the United States Attorney for the Southern District of New York, announced that RULESS PIERRE was convicted in Manhattan federal court today of securities fraud, wire fraud, and structuring charges.  PIERRE was convicted after a trial before Judge Sidney Stein. 

U.S. Attorney Audrey Strauss said:  “Today, Ruless Pierre was brought to justice for callously lying to investors.  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 (hereinafter, the “Promissory Note Fraud”).  The investments were memorialized in documents known as “Investment Promissory Notes.”  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…

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