Ruless Pierre, Securities Fraud, New York 2023

Ruless Pierre, a Rockland County man, has been charged with running two separate multimillion-dollar scams, according to the United States Attorney for the Southern District of New York.

Pierre, who is the owner of R. Pierre Consulting Group LLC, allegedly solicited money from over 100 investors by falsely promising them a 20% return on their initial investment every 60 days through stock trading.

However, it is alleged that Pierre lost most of the money he traded on behalf of his investors, while falsely reporting to investors that their funds were growing as promised. He also secretly used investor funds to purchase luxury vehicles and even a fast food franchise for himself.

Pierre's scheme resulted in him obtaining over $2 million from his unsuspecting victims.

In a separate scheme, Pierre allegedly defrauded his former employers, two hotels, by regularly embezzling funds out of bank accounts belonging to those hotels and then depositing those funds through structured transactions, into bank accounts Pierre controlled.

Pierre stole over $400,000 from the hotels, and his schemes have finally been brought to an end thanks to the outstanding efforts of law enforcement partners.

Pierre was arrested yesterday in Nanuet, New York, and will be presented this afternoon before Chief Magistrate Judge Gabriel W. Gorenstein in Manhattan federal court.

The charges against Pierre include securities fraud, wire fraud, and structuring charges. If convicted, Pierre faces serious time in federal prison.

Ruless Pierre's full name is not available, but we do know that he is the owner of R. Pierre Consulting Group LLC, a consulting firm based in Rockland County, New York.

Pierre's crimes date back to November 2016, when he started soliciting money from investors, through October 2019, when his scheme was uncovered.

The case against Pierre is ongoing, and it remains to be seen what sentence he will face if convicted.

In the meantime, Pierre is being held without bail, and his case serves as a reminder of the importance of being cautious when investing in any scheme that promises unusually high returns.

Source: https://www.justice.gov/usao-sdny/pr/rockland-county-man-charged-running-multimillion-dollar-ponzi-and-embezzlement-schemes