EL PASO, TX – Roberto Trinidad Del Carpio Frescas, 40, of Chihuahua, MX, will spend the next 19 years and 7 months in federal prison after a federal judge sentenced him today for masterminding a $14 million Ponzi scheme that preyed on investors in both Mexico and the United States. The sentence, handed down by U.S. District Judge David C. Guaderrama, includes three years of supervised release following incarceration.
Del Carpio, posing as a licensed investment broker despite lacking any legitimate credentials in Texas, built a web of companies – SMI International Institute Corporation (aka Stock Market Investment), Del Carpio Trading Institute LLC, and Del Carpio Holdings in the Cayman Islands – to funnel money from over 100 victims between August 2010 and January 2012. He falsely claimed expertise in stocks, bonds, futures trading in oil, gas, precious metals, and currency, convincing investors to hand over their savings.
The scheme operated like a classic Ponzi scheme: Del Carpio pocketed the vast majority of the funds, using a small portion to pay “early” investors, creating the illusion of success and enticing others to invest more. The jury convicted Del Carpio on February 19, 2016, of 24 counts of wire fraud and 10 counts of money laundering. He has been held in federal custody since his arrest in February 2015. A restitution hearing is scheduled for May 25, 2017, to determine how much of the stolen funds can be recovered.
Del Carpio wasn’t working alone. His co-defendant, David Brian Binder, 61, of Pittsburg, PA, pleaded guilty on March 3, 2017, to one count of wire fraud. Binder admitted to assisting Del Carpio in shielding the scheme’s proceeds from creditors and deceiving investors about the safety of their funds. Binder now faces up to 20 years in federal prison and remains on bond pending sentencing on June 1, 2017, before Judge Guaderrama.
The investigation, a joint effort between the U.S. Secret Service and the El Paso Police Department, revealed the meticulous planning behind Del Carpio’s fraudulent operation. Special Agent in Charge Lee Dotson of the U.S. Secret Service, along with El Paso Police Chief Greg Allen, lauded the collaborative work that brought Del Carpio to justice. The prosecution was led by Assistant United States Attorneys Ian Hanna and Stanley Serwatka.
This case underscores the Secret Service’s commitment to investigating complex financial crimes that impact communities across the nation. While Del Carpio’s scheme spanned international borders, the damage was felt acutely by the victims who trusted him with their financial futures. The lengthy sentence serves as a stark warning to those who seek to profit through deception and fraud.”
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Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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