Rockland County Man Sentenced in Ponzi Scheme

By: Yitzy Fried 

Ruless Pierre of Nanuet, Rockland County, was sentenced to 84 months prison, three years of supervised release, and millions of dollars in forfeiture and restitution as a result of his conviction in a Ponzi-like securities fraud scheme. 

Among the various schemes was an “Investment a promissory” fraud scheme in which he “invested” the money entrusted to him by family and friends in the stock market and day-traded unsuccessfully with it. In this scheme, he promised 20% returns to his investors. 

He also ran a franchise investment scheme, in which he invested clients’ money into fast food chains, promising high returns. 

Finally, he was accused of embezzling hundreds of thousands of dollars from hotels that he helped operate. 

U.S. Attorney Damian Williams said: Ruless Pierre violated the trust of his closest friends and fellow community members. Pierre’s brazen lies cause many of his victims not only financial losses, but long-lasting emotional damage as well. The sentence achieves some justice for Pierre’s victims and puts fraudsters on notice that we will protest investors from those that would violate their trust.”