Two Sales Agents in Florida Charged By SEC for Role in $110 Million Ponzi Scheme

On July 19th, 2024, the Securities and Exchange Commission (SEC) confirmed that two sales agents have been charged with fraud in connection with a $110 million Ponzi scheme case. Ricardi Celicourt and Brisly Guillaume are facing charges for violations of federal securities law. Here, our Miami Ponzi scheme lawyer provides a more comprehensive overview of the alleged scheme and the investment fraud charges.

SEC Charges: Florida Sales Agents Pushed Investors into Ponzi Scheme

 In a complaint filed in the United States District Court for the Southern District of Florida, the SEC alleges that Ricardi Celicourt and Brisly Guillaume—two residents of Broward County, Florida—participated in an unregistered securities offering. The two sales agents were linked to Royal Bengal Logistics Inc.—a purported Ponzi scheme—that fraudulently raised more than $110 million from approximately 1,500 investors. Notably, the SEC contends that this investment fraud scheme was an affinity scam that was primarily targeted at Haitian-Americans.

 A Ponzi Scheme is Among the Most Common Types of Investment Fraud 

A Ponzi scheme is a fraudulent investment scam that promises high returns with little risk to investors. It is one of the most common forms of investment fraud. Ponzi schemes can take a wide range of specific forms. Though they tend to share many common core characteristics. Here is an overview of key points that investors should be aware of:

• The Definition: At its core, a Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital of newer investors, rather than from profit earned by the operation of a legitimate business. Investors falsely are led to believe that they are generating actual gains. In reality, funds are merely being shifted around. Most often, the party or parties responsible for the Ponzi scheme is also siphoning off some of the funds.
• Warning Signs: Key indicators of a Ponzi scheme include promises of high returns with little or no risk, overly consistent returns, unregistered investments, secretive and complex strategies, and issues with paperwork. Notably, unregistered securities are at higher risk for being Ponzi schemes. Investors in Florida should beware.
• All Ponzi Schemes Collapse: Initially, a Ponzi scheme can seem profitable and might actually pay out returns as promised, which helps to lure more investors. However, the scheme inevitably collapses once there are not enough new investors to pay the promised returns to earlier investors. The eventual fall can leave investors with major losses. Immediate action is required for investors to preserve their rights and interests.

Get Help From a Miami Ponzi Scheme Attorney Today

At ​Carlson & Associates, P.A., we are a law firm that is proud to be on the side of investors. Do you or someone close to you suffer investment losses because of a Ponzi scheme or a similar type of fraud? We are here to help. Contact us today for your confidential initial consultation. With an office in Miami, our firm represents investors in Ponzi schemes cases in Florida and beyond.

Source:

sec.gov/enforcement-litigation/litigation-releases/lr-26050