A man was sentenced today, Monday, to 11 years and three months in prison for carrying out a fraudulent scheme from 2007 to 2012 that received nearly $5 million from more than 100 people in Puerto Rico and the United States through a “pyramid scheme,” also known as a “Ponzi scheme.” .
The federal prosecutor identified the accused as Carlos Maldonado, owner of Business Planning Resources International (BPRIC), Glorimar Fashions and Tailoring, LLC, and Global Business Insurance Agency Inc. , and associated under the Articles of Association with Pet Card Systems, Inc. . , Datafos Corporation.
In addition to serving his prison sentence, Maldonado will have to serve five years of supervised release and pay $1,986,734.26 in compensation to 46 of his victims.
Maldonado was indicted on October 27, 2016, on 16 counts of securities fraud and bank fraud on October 27, 2016. In December 2019, he was found guilty of all charges after a jury trial.
The jury found that from approximately 2007 through 2012, Carlos Maldonado and other colleagues petitioned and acquired more than $5,000,000 on behalf of BPRIC from more than 100 individuals and other companies.
As part of the fraudulent scheme, Maldonado and his associates offered fictitious investment contracts to victims in Puerto Rico and the United States in exchange for their cash investment in his fictitious business ventures.
The victims in this case, as in most cases, were promised an incredible return on investment for their hard-earned money. Unfortunately, the promises were based on lies and were exploited by someone who used his desire for a better future to gain his trust and steal his dreams,” said the agent in charge of the FBI’s local office, in English), Joseph Gonzalez.
During the trial, checks, bank records, emails, other documentary evidence, witness and victim testimonies were presented that demonstrated that the defendant had made or caused to make false and materially misleading representations to investors, including: that various companies were involved in legitimate trading functions that he knew were not correct, as he failed to disclose to investors the use of their funds to purchase and trade stocks and commodities in his ScottTrade Account, Foreex Capital Markets, LLC account and other personal trading accounts and Maldonado family expenses in lieu of financing fictitious business ventures and not to disclose that the investment funds had been fraudulently obtained Maldonado will use it to purchase goods and services in retail stores and restaurants and spend the money on travel, rent, entertainment and personal car loans.
After a Maine district judge imposed this penalty, federal prosecutor W. Of quick and high return. Scammers, pretending to be salespeople or entrepreneurs, contact unsuspecting people and present them with seemingly exciting investment opportunities. Victims are lured into the promise of a deal too good to be true, because it is untrue.”
“We want to remind the citizens of Puerto Rico that no investment is risk-free and that an offering with a high rate of return always means greater risk. Before you invest, obtain written information, such as a prospectus or annual report, and beware if a salesperson pressures you to invest immediately, Promising quick returns, encouraging you to borrow money or raising retirement money to invest, telling you to write wrong information in your account forms or use words like “guarantee,” “high return” or “limited offer.” Once you suspect you have been the target of a fraudulent scheme Please contact the authorities so that we can prosecute those responsible and try to recover the stolen funds.”
The case was sued and investigated by Assistant Federal Prosecutors Edward Veronda and Janet Collazo and investigated by the FBI, which urged citizens to report the fraud schemes at 787-987-6500 or through the Tips.FBI.gov page.
“Help us bring these criminals to justice,” Gonzalez encouraged.