EL PASO, TX – A Pittsburgh, Pennsylvania man is headed to federal prison for his part in a sprawling, multi-million dollar pyramid scheme that fleeced investors out of an estimated $14 million. David Brian Binder, 61, received a 30-month sentence from U.S. District Judge David C. Guaderrama today, followed by three years of supervised release.
The sentencing comes after Binder pleaded guilty in March to one count of wire fraud. Prosecutors revealed Binder aided his co-conspirator, Roberto Trinidad Del Carpio Frescas, 40, of Chihuahua, Mexico, in concealing the scheme’s proceeds from creditors and actively misled investors about the safety of their funds. Judge Guaderrama also ordered Binder to pay a $5,000 fine and $503,027.90 in restitution to victims.
Del Carpio, the alleged mastermind, is already facing a lengthy prison term. Judge Guaderrama sentenced Del Carpio to 235 months in federal prison with three years of supervised release on March 15, 2017. He was convicted by a federal jury on February 19, 2016, of 24 counts of wire fraud and ten counts of money laundering, and ordered to pay $5,402,661 in restitution.
Evidence presented at trial painted Del Carpio as a fraudster who falsely presented himself as a financial guru with expertise in stocks, bonds, oil futures, precious metals, and currency. Despite lacking any legitimate licenses or registrations in Texas, Del Carpio established several shell companies – SMI International Institute Corporation (also known as Stock Market Investment), Del Carpio Trading Institute LLC, and Del Carpio Holdings in the Cayman Islands – to facilitate the illicit operation.
Between August 2010 and January 2012, Del Carpio and his associates targeted over 100 investors across Mexico and the United States, collecting their money under false pretenses. The vast majority of the funds were pocketed by Del Carpio, with only minimal payouts made to early investors to create the illusion of success and entice further investment. This classic Ponzi scheme relied on new investor money to pay off earlier investors, a structure doomed to collapse.
The investigation, conducted by the U.S. Secret Service and the El Paso Police Department, brought the scheme to light. Assistant U.S. Attorneys Ian Hanna and Stanley Serwatka prosecuted the case. The case serves as a stark reminder of the dangers of unregulated investment schemes and the relentless pursuit of justice by federal law enforcement agencies.
Related Federal Cases
- David Kelley, Night Vision Export Scheme, Baltimore MD, 2023 · Maryland
- David Allen Vickers, Sex Trafficking of Minors, Buffalo NY, 2023 · Texas
- Jose Antonio Caballero, Mortgage Fraud Scheme, Sherman TX, 2023 · Washington
- Yvonne Gumaer, Mortgage Fraud Scheme, Plano TX, 2013 · Washington
- David Michael Spaid, Interstate Transportation of Stolen Goods, Pit… · Washington
Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
Get the grimiest stories delivered weekly. Subscribe free
Browse More
Related Criminal Cases in US News
- Candies Goode-McCoy, COVID-19 Tax Credit Scheme, Nevada 2026
- Marco Tulio Lopez-Romero, Homicide, Reston VA, 2026
- Little Tiger, Wire Fraud, California 2023
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News