Furthermore, the Commission alleged that the defendant fraudulently raised around $375,000 from more than 15 investors. He allegedly partnership interests in a fast food chain to the investors and falsely promised them guaranteed monthly returns of 10 percent plus quarterly profit sharing. Pierre was fully aware that the fast food chain doesn’t have sufficient profits to pay investors the promised returns when he sold those partnership interests.
Investors must be wary of unrealistic high returns
In a statement, SEC New York Office Regional Office Director Marc Berger, said, “We allege that Pierre’s Amongst Friends investment opportunity that targeted members of Pierre’s local Haitian community was built on a foundation of lies and deceit. Investors should be wary of investments promising rates of return that seem too good to be true…”
He encouraged investors to ask questions and check the background of investment professionals who are approaching them.
Separately, U.S. Attorney’s Office for the Southern District of New York filed criminal charges against Pierre in connection with his illegal Ponzi scheme.
