Vladimir Artamonov, Ponzi Scheme, New York 2024

Harvard Business School Classmate Charged in Ponzi Scheme

Vladimir Artamonov, a graduate of Harvard Business School, has been arrested and charged with running a Ponzi scheme that targeted his former classmates and other investors.

According to the indictment, Artamonov defrauded numerous investors who participated in an investment opportunity he called 'Project Information Arbitrage.' Between September 2021 and February 2024, Artamonov raised over $4 million from investors, promising a low-risk, high-return investment strategy.

However, instead of executing the strategy, Artamonov primarily traded in risky short-term options that lost millions of dollars in investor funds. He concealed these losses from investors while soliciting additional investments and repeatedly claiming that profitable investments were on the horizon.

When investors eventually demanded the return of their funds, Artamonov repaid old investors with new investors' funds or declined to repay investors altogether. Ultimately, he returned less than $400,000 to investors.

Artamonov was arrested today in Elkridge, Maryland, and will be presented before U.S. Magistrate Judge Douglas R. Miller in the District of Maryland. The case has been assigned to U.S. District Judge Jennifer L. Rochon.

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.

Seems to be a classic Ponzi scheme where the defendant used his Harvard Business School connection to lure investors into a false investment opportunity.

The exact criminal charges against Artamonov include securities fraud, investment adviser fraud, and wire fraud.

Vladimir Artamonov is currently in custody and awaiting further proceedings.

Defendant: Vladimir Artamonov

Criminal Charges: Securities Fraud, Investment Adviser Fraud, Wire Fraud

City and State: Elkridge, Maryland

Arrest Date: Today

Outcome: Currently in Custody

Source: https://www.justice.gov/usao-sdny/pr/defendant-charged-ponzi-scheme-targeting-harvard-business-school-classmates