George Theodule Gets 12-Year Sentence in Ponzi Scheme

Former Wellington resident George Louis Theodule has been sentenced to 150 months in prison, followed by three years of supervised release, for his role in a massive Ponzi scheme. Theodule, aged 52, was found guilty of wire fraud and faces the stiff sentence after pleading guilty to charges.

The scheme, which preyed on the Haitian community in South Florida and beyond, involved creating ‘investment clubs’ that attracted thousands of investors between late 2007 and late 2008. Theodule promised investors a doubling of their money within 90 days through stock options trading. However, only a fraction of the invested funds were actually used for trading, and the rest was used to repay earlier investors or for Theodule’s personal gain.

U.S. Attorney Wifredo A. Ferrer called Theodule’s actions ‘intolerable,’ noting that some victims lost their life savings. ‘This sentence should send a strong message to those who prey on the trust of others: you will get caught and justice will be served,’ Ferrer said.

Michael B. Steinbach, Special Agent in Charge of the FBI Miami, emphasized Theodule’s exploitation of his cultural connections within the Haitian community. ‘George Louis Theodule has 12 and a half years to think about how he betrayed others,’ Steinbach commented.

Drew J. Breakspear, Commissioner of the Florida Office of Financial Regulation, highlighted the importance of protecting Floridians from such fraud. ‘We thank our partners in law enforcement for bringing this individual to justice,’ Breakspear said, encouraging potential investors to exercise due diligence when considering financial products.

Theodule is also required to pay restitution to identified victims, with a hearing scheduled for May 9, 2014. Any victims yet to submit a claim should contact Rosemary Williams at (305) 523-5455. This case has been prosecuted by Assistant U.S. Attorneys Roger H. Stefin and Carolyn Bell.