KANSAS CITY, KAN. – The grimy halls of justice were once again echoing with the sound of justice served as Tennessee’s Alcides Roman was sentenced to 71 months in federal prison for masterminding a $1.9 million Ponzi scheme.
Roman, a 66-year-old resident of Lebanon, Tennessee, pleaded guilty to one count of wire fraud, according to court documents. His fraudulent schemes targeted unsuspecting victims in Kansas, New York, Texas, and Canada with promises of high-yield investment programs. But the truth was a far cry from the allure he spun—Roman never invested their funds, instead siphoning them into his personal coffers.
The scheme’s unraveling began when Roman failed to redeem investments upon victims’ requests, leaving them in the dark and their money in bank accounts under his control. He exploited the trust of his victims by paying them returns, which were actually recycled from their own principal or other unsuspecting investors’ funds. This elaborate deception continued until Roman used the stolen funds to pay for personal luxuries—vehicles, land purchases, and financial transactions with a myriad of foreign and domestic companies.
Law enforcement’s relentless pursuit caught up with Roman, resulting in a total known loss to victims of $1,977,857. The Federal Bureau of Investigation (FBI) took the lead in this investigation, ensuring that justice was not only served but also seen to be done.
Pursuing the case with unwavering determination was Assistant U.S. Attorney Ryan J. Huschka, who will undoubtedly take satisfaction in seeing Roman behind bars for a significant stretch of his life.
This sentence serves as a stark reminder that financial fraud is not taken lightly and those who prey on the trust of others will face the full brunt of the law.
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Key Facts
- State: Kansas
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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