A couple from Randolph, Massachusetts, is facing charges alleging that they set up a Ponzi scheme targeting members of the Haitian community in Massachusetts, bilking them out of more than $5 million.
The Secretary of State’s Securities Division on Monday filed an administrative complaint against Milendophe Duperier and Vanessa Joseph and their associated companies. Duperier, the son of a pastor at a local Haitian church, is alleged to have conspired with Joseph, his fiancée, to keep the scheme going for over 2-1/2 years.
It was not immediately known if Duperier and Joseph have attorneys.
According to the complaint, Duperier and Joseph solicited millions of dollars from about 40 people, including friends, family members and congregants of their churches. They also amassed over $1 million in federal Payroll Protection Program and Small Business Administration loans which were not used for their intended purposes.
The Secretary of State’s Office says the couple made “outlandish claims” to prospective investors, saying they had discovered a method to achieve profits by trading options in both bear and bull markets, though neither of them had any experience or formal training in investing. Instead, they allegedly tried to educate themselves about trading using YouTube videos and other online sources.
The complaint said Duperier and Joseph sold unregistered promissory notes to investors promising annual interest rates of 60%, paid monthly. Money raised…
