$100 million dollar South Florida Ponzi scheme targets working Haitian-Americans

/West Palm Beach Injury Lawyers Gary Roberts & Associates, P.A./Susan B. Ramsey/ 01/21/2009
West Palm Beach, FL (JusticeNewsFlash.com)–The U.S. Securities and Exchange Commission (SEC) www.sec.gov filed a complaint against George Theodule and two of his companies. According to the SEC court filing, Theodule is accused of targeting Haitian-Americans in a South Florida Ponzi scheme. He is accused of promising investors 100% returns within three months. A U.S. District Court Judge in Florida granted a temporary restraining order requested by the commissions investigators. The judge froze 25 of Theodule’s accounts in three banks and appointed an attorney in Miami as receiver to locate and retrieve victim assets.

Theodule has also been named in a proposed class action lawsuit filed in West Palm Beach federal court. Theodule and his family allegedly worked scams in Georgia, New Jersey, New York, California, Texas, and Nevada. According to lawyers for the investors more than half of the scam victims live in Florida. It seems Theodule specifically targeted Haitian-American working class minorities. Investment fraud legal experts are speculating the losses could exceed $100 million.

Theodule targeted consumers with little investment experience and few assets. Most investors provided their entire life savings even if it was only several thousand dollars. Securities fraud criminals leave many innocent, hard working Americans penniless every year. If you or someone you know have fallen prey to a scam artist or white collar thief you may be entitled to compensation.

Media Contact: Susan B. Ramsey, a securities fraud lawyer in West Palm Beach, Florida

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