New York Legal professional Normal Letitia James announced the arrest and indictment of Florida resident Marc Henry Menard, previously of Mineola, New York, for allegedly orchestrating a three-year securities fraud scheme that defrauded members of the Haitian neighborhood in New York, Florida, and Georgia of over $600,000.
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Menard, who just isn’t registered to supply or promote securities, is accused of soliciting buyers by claiming he was a profitable dealer able to producing returns of as much as 20 % per thirty days. As an alternative, he allegedly transferred their cash into his private buying and selling accounts, sustaining important losses from high-risk trades, whereas additionally utilizing funds for private bills, luxurious journey, and designer items.
“Marc Henry Menard took benefit of Haitian New Yorkers, lied to them about his expertise as a profitable dealer, and swindled hard-working folks out of lots of of 1000’s of {dollars},” stated Legal professional Normal James. “Menard handled himself to luxurious holidays and procuring journeys at his victims’ expense, and now we’re bringing him to justice. I encourage all New Yorkers to take warning when making investments and report any suspicious provides to my workplace.”
The Workplace of the Legal professional Normal’s Legal Enforcement and Monetary Crimes Bureau (CEFC) investigation revealed that between July 2020 and June 2023, Menard solicited buyers by means of his firm, Marcotech LLC, promising returns of 12 to twenty % month-to-month and better payouts for many who recruited further buyers. He allegedly misrepresented himself as an skilled dealer in shares and cryptocurrencies.
Menard is accused of partaking in high-risk day buying and selling and choices buying and selling, leading to losses exceeding $670,000 between July 2021 and October 2022. He additionally used buyers’ cash to repay earlier buyers and canopy private expenditures, together with journeys to Turkey, Puerto Rico, and Disney World, in addition to the acquisition of a 2021 Mercedes-Benz, a 2022 BMW, and luxurious objects from Louis Vuitton and Gucci.
To keep up the scheme, Menard allegedly confirmed buyers pretend ATM receipts displaying a steadiness over $8 million and falsified buying and selling screens reflecting a web account worth of over $1 million. In actuality, his buying and selling account peaked at $240,000, and his checking account at $301,000.
Menard faces a 24-count indictment unsealed in Nassau County Supreme Court docket, together with two counts of Grand Larceny within the Second Diploma, 9 counts of Grand Larceny within the Third Diploma, 12 counts of Securities Fraud below the Martin Act, one rely of Falsifying Enterprise Information within the First Diploma, and one rely of Scheme to Defraud within the First Diploma.
Arrested in Dawn, Florida, Menard was arraigned earlier than Decide Tammy Robbins in Nassau Supreme Court docket. He was launched with weekly reporting necessities, surrendered his passport, and is barred from touring outdoors New York and Florida. If convicted of the highest cost, Menard faces 5 to fifteen years in jail.
