Woman Charged In $3.4 Million Ponzi Scheme
FT. LAUDERDALE (CBS4) – A South Florida woman who reportedly preyed on members of her church to fund a multi-million dollar Ponzi scheme has been arrested.
The Miami-Dade State Attorney's Office has charged 38-year old Marguerite Martial Jean with Securities Fraud, Grand Theft and Organized Scheme to Defraud.
Investigators said from 2007 through October 2010, Jean used her companies MMJ's Warehouse and VLM Enterprise as the core of her scam. She allegedly promoted investment offerings to members of her church and made promises to pay investors as much as 22% interest.
"I mean, she seemed like a very good person," said the son of one alleged victim who lost nearly $47,000 from his retirement. "He thought he found something that was reliable, something that would really give him some residual income, and it didn't work out for him."
Jean reportedly told investors she bought and sold rice from India and used the profits from the resale to make payments to investors. A bank analysis however revealed that investor funds went to Jean's personal account, which she subsequently used to pay older investors and finance her lifestyle.
Investigators said Jean defrauded $3.4 million from nearly three hundred Haitian-Americans before she was caught.
