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

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Wednesday, March 31, 2010

Ponzi Schemer Who Targeted Haitian-American Community Ordered to Disgorge $5 Million

On March 26, 2010, the United States District Court for the Southern District of Florida entered a Final Judgment of Disgorgement, Prejudgment Interest and Civil Penalty against George L. Theodule. The Final Judgment orders Theodule, the engineer of a Ponzi scheme that targeted Haitan-American investors, to pay disgorgement in the amount of $5,099,512, prejudgment interest of $202,638 and imposes a civil penalty of $250,000. The disgorgement represents amounts Theodule personally received or funneled to friends and relatives from the fraudulent scheme.  The Complaint alleged violations of the antifraud provisions of the federal securities laws in connection with a Ponzi scheme through which the defendants raised at least $23.4 million from thousands of investors in the Haitian-American community nationwide.

http://lawprofessors.typepad.com/securities/2010/03/ponzi-schemer-who-targeted-haitianamerican-community-ordered-to-disgorge-5-million.html

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