Mexican Businessman Sentenced to Federal Prison for Pyramid Scheme

[nitpicker]

https://www.justice.gov/usao-wdtx/pr/mexican-businessman-sentenced-federal-prison-pyramid-scheme

Department of Justice
U.S. Attorney’s Office

Western District of Texas
FOR IMMEDIATE RELEASE

Wednesday, March 15, 2017

Mexican Businessman Sentenced to Federal Prison for Pyramid Scheme

In El Paso today, a federal judge sentenced 40-year-old self-proclaimed licensed investment broker Roberto Trinidad Del Carpio Frescas to 235 months in federal prison followed by three years of supervised release for carrying out a Ponzi scheme that resulted in an estimated $14 million loss announced United States Attorney Richard L. Durbin, Jr., U.S. Secret Service Special Agent in Charge Lee Dotson and El Paso Police Chief Greg Allen.
(snip)

Evidence presented during trial revealed that the defendant held himself out to have superior knowledge and ability as an investor in stocks, bonds, futures in oil, gas, precious metals and currency. Though he was not licensed in the state of Texas as a dealer, or registered as an investment adviser, Del Carpio formed several companies in Texas including SMI International Institute Corporation (aka Stock Market Investment), Del Carpio Trading Institute LLC, and one in the Cayman Islands, Del Carpio Holdings, to facilitate his scheme.

From August 2010 until January 2012, Del Carpio and others collected money from over 100 known investors in Mexico and the United States. Del Carpio pocketed most all of the funds he collected though he did pay minimal amounts of money to “early” investors as a return on their investment and to encourage his victims to invest more of their money with him.
(snip)