New York Attorney General Cracks Down on $600,000 Securities Fraud Scheme Targeting Haitian Community

Strategic Insights -

New York Attorney General Letitia James today announced the arrest and indictment of Florida resident Marc Henry Menard, formerly of Mineola, New York, for allegedly operating a three-year securities fraud scheme that targeted the Haitian community in New York, Florida, and Georgia, and stealing more than $600,000 from 11 investors. Menard, who is not registered to offer or sell securities, solicited unsuspecting individuals to invest hundreds of thousands of dollars, claiming that he was a highly successful trader and could generate returns of up to 20 percent per month.

Key Takeaways:

  • Marc Henry Menard allegedly operated a three-year securities fraud scheme targeting the Haitian community in New York, Florida, and Georgia, stealing over $600,000 from 11 investors.
  • Menard is charged with 24 counts, including Grand Larceny, Securities Fraud, Falsifying Business Records, and Scheme to Defraud.
  • Between July 2020 and June 2023, Menard solicited members of the Haitian community to invest hundreds of thousands of dollars into his company, Marcotech LLC, promising monthly returns of 12-20 percent.
  • To continue the scheme, Menard showed investors fake ATM receipts and trading screens to reflect high balances, netting over $670,000 in losses.
  • Menard used investor funds to pay personal expenses, including a $100,000 Mercedes-Benz, luxury trips to Turkey, Puerto Rico, and Disney World, and purchases at retailers like Louis Vuitton and Gucci.
  • The Office of the Attorney General's (OAG) investigation revealed that Menard's trading account had a highest net value of $240,000 and a highest bank account balance of $301,000 between July 2021 and October 2022.
  • Menard's arrest by the OAG's CEFC, with the help of the Financial Industry Regulatory Authority (FINRA), the Sunrise Police Department, the Broward County State Attorney's Office, and the Nassau County District Attorney's Office, is a significant step towards justice.
  • This case is being prosecuted by Assistant Attorneys General David Vargas and Ann Marie Cherry, with forensic accounting provided by Senior Auditor Investigator Brenna Magruder and Senior Analyst Joseph Conniff.
  • The Office of the Attorney General recommends that New Yorkers be cautious when making investments, checking registration and authenticating investment opportunities before investing.

Statistics:

  • $600,000: The total amount stolen from 11 investors by Marc Henry Menard.
  • 24: The number of counts in the indictment against Menard.
  • 12-20 percent: The monthly returns promised to investors by Menard.
  • $670,000: The losses incurred by Menard's trading account between July 2021 and October 2022.
  • $240,000: The highest net value of Menard's trading account between July 2021 and October 2022.
  • $301,000: The highest balance of Menard's bank account between July 2021 and October 2022.
  • 3 years: The duration of the securities fraud scheme allegedly operated by Menard.

Sources:

  • Office of the Attorney General (OAG) press release.
  • New York Attorney General Letitia James.
  • Financial Industry Regulatory Authority (FINRA).
  • Sunrise Police Department.
  • Broward County State Attorney's Office.
  • Nassau County District Attorney's Office.