Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, March 13, 2007

Court Finds Ponzi Schemer Liability, Targeted Haiitian American Community

The SEC announced that on  Feb.  28,  2007,  the  Honorable  K.    Michael Moore, U.S.  District  Judge  for  the  Southern  District  of Florida found  Aiby  Pierre-Louis  liable  for  disgorgement  of  $5.9  million, plus prejudgment interests in the amount of $817,309.43,  for his involvement in a Ponzi scheme that targeted more than 600 Haitian-Americans living in South Florida through  local  radio  programs  and presentations to Haitian-American church congregations.  Additionally, the Court ordered  Pierre-Louis  to  pay  a  civil  money  penalty  of $120,000. [SEC v. Focus Financial Associates, Inc., Civil  Action  No. 05-21527-CIV-Moore/Garber (S.D. FL)] (LR-20038)

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