By Hank Russell
A Florida man originally from Mineola has been charged with allegedly defrauding members of the Haitian-American community in three states.
On August 11, Attorney General Letitia James filed an indictment in Nassau County Supreme Court against Marc Henry Menard, also known as Marc Menard or Marco. According to the indictment, Mednard allegedly operated a three-year securities fraud scheme that targeted the Haitian community in New York, Florida, and Georgia, and stole more than $600,000 from eleven investors. Menard, who is not registered to offer or sell securities, solicited unsuspecting individuals to invest hundreds of thousands of dollars, claiming that he was a highly successful trader and could generate returns of up to 20% per month. Instead, he allegedly transferred investors’ money into his personal trading account, where he sustained staggering losses from high-risk trading.
Menard also used his investors’ money to pay his personal expenses, make expensive purchases on travel and luxury goods, and repay prior investors, James alleged. Menard was charged in a 24-count indictment with multiple counts of Grand Larceny and Securities Fraud, as well as Falsifying Business Records and Scheme to Defraud.
An investigation led by the Office of the Attorney General’s (OAG) Criminal Enforcement and Financial Crimes Bureau (CEFC) revealed that, from July 2020 to June 2023, Menard allegedly solicited members of the Haitian community to invest hundreds of thousands of dollars into his company, Marcotech LLC. Menard targeted Haitians in Nassau, Suffolk, Rockland, and Queens Counties, as well as Florida and Georgia. He promised investors monthly returns of between 12% and 20% and promised higher percentages if they recruited additional individuals to invest. In order to solicit investments, Menard allegedly represented to investors that he was an experienced and highly successful trader of stocks and cryptocurrencies.
After soliciting investments, Menard deposited a portion of investors’ money into his own personal trading accounts. He then used these funds to engage in risky trading options, including high-risk day trading – a short-term investment strategy that involves buying and selling stock on the same day – and options trading, which resulted in losses totaling over $670,000 between July 2021 and October 2022. The indictment also alleged that Menard used hundreds of thousands of investors’ dollars to repay prior investors and for personal expenditures. He spent over $100,000 on trips to Turkey, Puerto Rico, and Disney World, a 2021 Mercedes-Benz and a 2022 BMW, and purchases at luxury retailers such as Louis Vuitton and Gucci.
To continue his scheme, James said, Menard allegedly showed investors a fake ATM receipt that reflected a bank account balance of over $8 million, and a fake trading screen showing a net account value of over $1 million. Menard’s investors relied on these false statements, believing they were earning significant profits, and continued to invest. The OAG’s investigation revealed that, in reality, between July 2021 and October 2022, the highest net value of Menard’s trading account was $240,000, and the highest balance of Menard’s bank account was $301,000
The OAG’s 24-count indictment – unsealed in Nassau County Supreme Court – charges Menard with two counts of Grand Larceny in the Second Degree (all Class C felonies), nine counts of Grand Larceny in the Third Degree (all Class D felonies), 12 counts of Securities Fraud under the Martin Act, one count of Falsifying Business Records in the First Degree and one count of Scheme to Defraud in the First Degree (all Class E felonies).
Menard was arrested in Sunrise, Florida and arraigned on August 11 before Judge Tammy Robbins in Nassau Supreme Court. Menard was released with weekly reporting and was required to surrender his passport and not travel outside New York and Florida. If convicted of the top count charged, Menard faces a maximum sentence of up to five to 15 years in prison.
“Marc Henry Menard took advantage of Haitian New Yorkers, lied to them about his experience as a successful trader, and swindled hard-working people out of hundreds of thousands of dollars,” James said. “Menard treated himself to luxury vacations and shopping trips at his victims’ expense, and now we are bringing him to justice. I encourage all New Yorkers to take caution when making investments and report any suspicious offers to my office.”
James recommends that New Yorkers take basic steps to avoid becoming the victim of investment fraud schemes. These include:
- In general, do not wire money, send cryptocurrency, or give cash to people you don’t know and haven’t vetted because these transactions are irreversible.
- Be suspicious of individuals you encounter who pressure you to withdraw from retirement accounts (even at a penalty), to borrow money from friends or relatives, or to apply for loans from a bank.
- Beware of individuals who promise you higher profits if you agree to recruit others to invest.
- Never rush into any investment. Be skeptical if the individual insists that you must invest money within a very short time frame, claiming you will lose out on the opportunity.
- Verify that the person offering the investment is properly registered. You can check investment professional registration at FINRA’s BrokerCheck.
- Before investing, consult a trusted legal professional or financial advisor who can advise you if the investment is proper.
- Trust your instincts and think twice before investing. If the investment opportunity seems too good to be true, it probably is.
- If you suspect fraud, report the individual to law enforcement. Save all communications so that you can provide them to law enforcement if needed.
James encourages anyone who may have been a victim of this type of scam to report it to OAG by filing a complaint online or calling 1-800-771-7755. Any identifying information provided to OAG will be protected according to law and policies on the safeguarding of identifying information.