SEC Catches out Haitian Ponzi

David Benyon
01 Jan 2009

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Regulation

WASHINGTON, DC - On December 29, 2008, the US Securities and Exchange Commission (SEC) launched emergency action to halt a Ponzi (or pyramid) scheme targeting Haitian-US investors.

The regulator ended a Ponzi and affinity fraud scheme allegedly conducted by George Theodule, principle of Creative Capital. The SEC alleges the fraud squandered $18 million of new investor deposits on stocks and shares, $3.8 million on personal expenditures, and used the remainder to pay existing investors.

The SEC says the defendants raised over $23.4 million from thousands of investors across the US through a network of 'investment clubs'. Remaining assets have been placed under the control of a receiver.

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