Man Charged in $600K Fraud Scheme Targeting Haitian Investors

Man Charged in $600K Fraud Scheme Targeting Haitian Investors

Marc Henry Menard, a former resident of Mineola now living in Florida, is facing serious legal troubles after being charged with orchestrating an elaborate investment fraud scheme that allegedly swindled over $600,000 from unsuspecting investors. Acting on the findings of a thorough investigation, New York Attorney General Letitia James announced a 24-count indictment against Menard, which includes grand larceny, securities fraud, and falsifying business records, among other charges. These crimes reportedly occurred while Menard operated his company, Marcotech LLC, from July 2020 to June 2023, especially targeting Haitian communities in New York, Florida, and Georgia. According to Long Island Business News, Menard posed as a cryptocurrency and stock trading expert, promising investors returns of 12% to 20% monthly.

But what actually happened with the money? Instead of investing the funds as promised, Menard allegedly funneled the investors‘ money into his personal trading accounts and engaged in high-risk trading that led to substantial losses, exceeding $670,000. Letters and documents obtained by investigators reveal that the highest recorded value of his trading account barely reached $240,000, and his bank account never exceeded $301,000. In stark contrast to the anticipated profits, Menard reportedly used the funds for personal expenses, including over $100,000 on lavish vacations to destinations like Turkey, Puerto Rico, and Disney World, as well as luxury purchases like a 2021 Mercedes-Benz and shopping sprees at high-end retailers such as Louis Vuitton and Gucci.

Deceptive Practices

Menard’s manipulative tactics didn’t stop there. He allegedly provided investors with falsified documents to lend credibility to his scheme, including fake ATM receipts and doctored trading screenshots that painted a misleading picture of their supposed investments. These deceptive practices raised red flags, and now Menard must answer for his actions in a court of law. The Haitian Times details that following his arrest in Sunrise, Florida, Menard was released under strict conditions. He must report weekly, surrender his passport, and is restricted from traveling outside New York and Florida. If convicted of the top charges, he faces a maximum prison sentence of 5 to 15 years.

The Attorney General’s office is also keen to caution potential investors, urging anyone who may have fallen for similar schemes to report their experiences. The office recommends verifying the registration of investment professionals and being wary of high-pressure sales tactics—advice that holds weight in today’s financial climate where scams are becoming alarmingly common. With nearly half of U.S. consumers open to using stablecoins for transactions, as reported by The Motley Fool, the risk of falling victim to investment fraud schemes continues to rise.

In an age where investment promises can be as enticing as they are deceptive, vigilance is paramount. Menard’s case not only underscores the need for scrutiny when dealing with investment opportunities but also highlights the darker side of finance and the dangers that lurk in the promise of quick-rich schemes.