June 18, 2021
Business

Nanuet Man Found Guilty Of Ponzi-Style Scheme That Stole $2.6 Million From Investors

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Ruless Pierre’s Fraud Targeted Haitian Community

LEGAL NEWS

Move over Bernie Madoff.

Ruless Pierre, 51 of Nanuet, was convicted last week in Manhattan federal court of two counts of securities fraud, each of which carries a maximum sentence of 20 years in prison, one count of wire fraud, which carries a maximum sentence of 20 years in prison, and one count of structuring, which carries a maximum sentence of five years in prison.

The Rockland County man was found guilty of running a Ponzi-style scheme that prosecutors said targeted the area’s Haitian community. He was accused of stealing about $2.6 million from investors and his former employers, including a few scams between 2016 and 2019.

Pierre had pleaded not guilty to the charges, which were brought against him in November…

Read full article here: rcbizjournal.com