Rudolph Carryl, Securities Fraud, North Carolina 2024
CHARLOTTE, N.C. - A New York man, Rudolph Carryl, has been sentenced to 74 months in prison for executing an investment scheme that defrauded retired victims of more than $440,000.
According to plea related documents and today's sentencing hearing, Carryl, 68, held himself out as an investment advisor to his victims and operated Carryl Capital Management (CCM), an investment management firm with offices in New York City.
CCM maintained a website that purported the firm adhered to rigorous risk control measures, and was dedicated to achieving the investment goals for its clients.
In or about February 2015, Carryl induced a victim identified as 'M.G.' to hand over money which he promised to invest in stocks. Over the course of two years, M.G., who was Carryl's childhood friend and a retired nurse living in North Carolina, wired more than $90,000 to an account controlled by Carryl, based on Carryl's misrepresentations that M.G.'s money would be used to purchase stocks on M.G.'s behalf.
Similarly, in or about May 2015, Carryl solicited victims 'W.B.,' a retired, decorated United States Air Force veteran, and his wife 'A.B.,' both of North Carolina, to invest approximately $350,000 in a purported investment fund that was managed by Carryl.
According to court records, rather than invest the victims' funds as promised, Carryl used the money to pay for personal and other expenses, to repay his other victims other misconduct, and to make substantial cash withdrawals.
U.S. District Judge Max O. Cogburn, Jr. also ordered Carryl to pay $444,500 in restitution.
In making today's announcement, U.S. Attorney Andrew Murray thanked the FBI for leading the investigation.
Assistant United States Attorneys Daniel Ryan and William Bozin, of the U.S. Attorney's Office in Charlotte, prosecuted the case.
Rudolph Carryl, Securities Fraud, North Carolina 2024
Defendant: Rudolph Carryl
Criminal Charges: Securities Fraud
City and State: Charlotte, North Carolina
Date: February 2015 (crime date), March 26, 2024 (sentencing date)
Sentence or Outcome: 74 months in prison, $444,500 in restitution
Dollar Amounts: $440,000 (defrauded amount), $444,500 (restitution amount)
Key Facts
- State: North Carolina
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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