Mass. couple to plead guilty to Ponzi scheme that conned dozens out of a total of $3.2 million
A Randolph couple has agreed to plead guilty to charges related to allegations that they ran a Ponzi scheme in which dozens of people were conned out of a total of more than $3.2 million, the Massachusetts U.S. Attorney's Office announced Wednesday.
Milendophe Duperier, 33, and Vanessa Joseph, 26, have agreed to plead guilty to one count each of conspiracy to commit wire fraud, the U.S. Attorney's office said in a press release.
In a Ponzi scheme, fraudsters solicit money from individuals with false promises of investing it in a particular venture that will generate high returns with little or no risk, according to the U.S. Securities and Exchange Commission. Instead, the fraudsters use money from new investors to pay old ones while pocketing some of the funds.
In the case of Duperier and Joseph, Duperier posed as an investment advisor, soliciting money from individuals and advising them that their funds would be invested in the securities markets, while Joseph pretended to be his business partner, according to the U.S. Attorney's office. Between early 2018 and December 2022, the couple is alleged to have defrauded dozens of investors by instead using the money to pay for personal expenses such as luxury cars, mortgage debts and credit card payments.
Duperier and Joseph covered their tracks by using funds from new investors and small business loans to pay back purported returns to existing investors, the U.S. Attorney's office said. Duperier is also accused of making false statements and excuses to investors — some of whom entrusted him with their life savings — to explain why he had not made promised interest payments or could not return their original investment.
The charge of conspiracy to commit wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss from the offense — whichever is greater. The couple's plea hearings have yet to be scheduled.
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