New York Attorney General Letitia James on Monday announced the arrest and indictment of Marc Henry Menard, a Florida resident formerly of Mineola, N.Y. He is accused of running a three-year securities fraud scheme that allegedly stole more than $600,000 from 11 investors in New York, Florida and Georgia.
According to prosecutors, Menard targeted members of the Haitian community, promising high monthly returns of up to 20%, despite not being registered to offer or sell securities.
Authorities allege Menard solicited investments through his company, Marcotech LLC, then diverted funds into his personal trading accounts for high-risk day and options trading, which resulted in over $670,000 in losses. He is also accused of using investor funds for luxury travel, vehicles, designer purchases and to repay earlier investors.
The investigation found that Menard allegedly misled investors with falsified account statements, showing balances far above reality, to maintain their trust and secure additional investments.
The 24-count indictment includes charges of grand larceny, securities fraud, falsifying business records and scheme to defraud. Menard was arrested in Sunrise, Fla., arraigned in Nassau County Supreme Court and released under conditions including surrendering his passport and restricting travel to New York and Florida. If convicted of the top charge, he faces up to 15 years in prison.
Officials urged New Yorkers to take precautions when approached with investment opportunities, such as verifying a broker’s registration, avoiding high-pressure tactics and consulting trusted advisors. Suspected fraud can be reported to the Attorney General’s office online or at 1-800-771-7755.
