Immigrants hoping to start life anew on America’s opportunity-laden shores have always been targets to those that seek to destroy them as a mean to turn profits.
In one of the largest cases of fraud against minorities on record, three men have been accused of running a very lucrative ponzi scheme, using Haitian-American investors as dispensable pawns on their route to the top.
Ronnie Eugene Bass Jr., Brian Taglieri, and Abner Alabre were all reported to the Securities and Exchange Commission after promising clients that they would double their money every90 days though an investment club known as HomePals.
Nearly the majority of all that reported the scam resided in the New Jersey and South Florida areas.
“The extraordinary promises made by these three men spread byw ord of mouth throughout a close-knit community, remarked Glenn Gordon of the SEC’s Miami regional office.
Bass, whom operated as the public face for the trio, invested no more that $1.2 million of the $14.3 million stolen, only suffering 20% in financial losses.
All three men are facing criminal charges for wire fraud, securities fraud, conspiracy to commit money laundering, and conspiracy to commit securities fraud. Each is facing a maximum of 20 years in prison if found guilty.
It is the mission of the SEC to The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.