Haitian Community Targeted: Menard Indicted in $600K Fraud

MINEOLA, NY – Marc Henry Menard, a Florida resident with ties to Nassau County, is facing a 24-count indictment after allegedly running a three-year investment fraud scheme that bilked over $600,000 from members of the Haitian community across New York, Florida, and Georgia. Attorney General Letitia James unsealed the indictment today, detailing a pattern of deceit and lavish spending at the expense of unsuspecting investors.

The investigation, spearheaded by the Office of the Attorney General’s (OAG) Criminal Enforcement and Financial Crimes Bureau (CEFC), revealed that beginning in July 2020, Menard solicited investments into his company, Marcotech LLC, promising exorbitant monthly returns of 12 to 20 percent – even higher for those who brought in new investors. He pitched himself as a highly successful trader of stocks and cryptocurrencies, a claim the OAG alleges was entirely fabricated.

Instead of generating profits, Menard allegedly funneled investors’ money into his personal trading account, where he engaged in reckless, high-risk trading – including day trading and options trading – resulting in losses exceeding $670,000 between July 2021 and October 2022. But the losses weren’t the extent of the abuse. Menard also allegedly used investor funds to repay earlier investors – a classic Ponzi scheme tactic – and to fuel a lifestyle of conspicuous consumption.

The indictment details a spree of extravagant purchases: over $100,000 dropped on trips to Turkey, Puerto Rico, and Disney World, a 2021 Mercedes-Benz, a 2022 BMW, and shopping binges at luxury retailers like Louis Vuitton and Gucci. To keep the scheme afloat, Menard allegedly presented investors with falsified documentation, including a fake ATM receipt showing a bank balance of over $8 million and a doctored trading screen boasting a net account value exceeding $1 million. The reality, according to the OAG, was far grimmer – his trading account never exceeded $240,000, and his bank account topped out at $301,000.

“Marc Henry Menard took advantage of Haitian New Yorkers, lied to them about his experience as a successful trader, and swindled hard-working people out of hundreds of thousands of dollars,” said Attorney General James. “Menard treated himself to luxury vacations and shopping trips at his victims’ expense, and now we are bringing him to justice. I encourage all New Yorkers to take caution when making investments and report any suspicious offers to my office.” Menard is charged with two counts of Grand Larceny in the Second Degree, as well as multiple counts of Securities Fraud, Falsifying Business Records, and Scheme to Defraud.

The OAG investigation focused on victims in Nassau, Suffolk, Rockland, and Queens Counties, as well as those residing in Florida and Georgia. This case serves as a stark reminder of the vulnerability of immigrant communities to financial predators and the importance of due diligence when considering investment opportunities. Grimy Times will continue to follow this case as it unfolds.