Harvard MBA Accused of $4M Ponzi Scheme

ELKRIDGE, MD – Vladimir Artamonov, a 2003 graduate of Harvard Business School, is facing federal charges after allegedly fleecing investors—including former classmates—out of more than $4 million in a brazen Ponzi scheme. Artamonov, 49, was arrested today in Elkridge, Maryland, and will appear before a U.S. Magistrate Judge in Maryland before being transferred to the Southern District of New York, where the case is being prosecuted. He’s charged with securities fraud, investment adviser fraud, and wire fraud, offenses that carry potentially decades in prison.

U.S. Attorney for the Southern District of New York, Jay Clayton, minced no words in announcing the indictment. “As alleged, Vladimir Artamonov betrayed investors, including friends and former Ivy League classmates, by promising a low-risk, high-return investment strategy, when in fact he gambled away investor money and paid off previous investors to continue his scheme,” Clayton stated. “We will continue to protect the investment markets from schemes that may wear the disguise of sophistication, but in the end are just theft.”

The scheme, dubbed “Project Information Arbitrage,” ran from at least September 2021 through February 2024. Artamonov pitched investors on a supposedly foolproof strategy: identifying Berkshire Hathaway Inc.’s new investments *before* they became public knowledge by scouring insurance filings. He claimed this inside track would allow him to buy stock in those companies and ride the wave of price increases when Berkshire’s moves were announced. He leveraged his Harvard Business School network, preying on the trust and connections built within the elite institution to solicit investments, ultimately raising in excess of $4 million.

But the reality, according to the indictment, was a far cry from the slick presentation. Artamonov wasn’t making calculated arbitrage plays; he was recklessly trading in short-term options, often losing investor funds “within days” of receiving them. Instead of a sophisticated investment strategy, it was a high-stakes gamble with other people’s money. He then allegedly covered his tracks by using funds from new investors to pay off earlier ones—the classic hallmark of a Ponzi scheme—while simultaneously assuring investors that profits were just around the corner. One message to an investor promised “[a]lmost certain we will make a ton of money” and “brag” about “crazy gains” at the next Harvard Business School reunion.

FBI Assistant Director in Charge Christopher G. Raia highlighted the exploitative nature of the alleged fraud. “Vladimir Artamonov allegedly misappropriated more than four million dollars in investments from fellow alumni through false assurances of little risk and high reward,” Raia said. “The defendant allegedly exploited the prestige of a well-respected university and investment company to unlawfully procure investments, which he used to pay for personal expenses. The FBI will never tolerate those who seek to financially enrich themselves by betraying the trust and wallets of their investors.”

In the end, Artamonov managed to return less than $400,000 to investors. The remaining millions vanished, allegedly funneled into personal expenses and lost trades. The case is assigned to U.S. District Judge Jennifer L. Rochon. If convicted, Artamonov faces a lengthy prison sentence and the prospect of forfeiting any assets obtained through his alleged fraudulent activities. This case serves as a stark reminder that even those operating within seemingly respectable circles can be capable of devastating financial crimes.

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