A Tennessee man has been sentenced to 71 months in prison for orchestrating a $1.9 million Ponzi scheme. Alcides Roman, 66, from Lebanon, Tennessee, pleaded guilty to one count of wire fraud according to court documents.
Roman deceived victims in Kansas, New York, Texas, and Canada by promoting fraudulent high-yield investment programs. He did not invest the funds as promised and failed to return investments when requested by the victims. Instead, he kept the money in accounts he controlled and used it for personal gain. Roman encouraged victims to make more significant investments by making payments that appeared as returns on their investments but were actually from other victims’ contributions or their own prior principal investments.
The funds obtained through this scheme were used by Roman for personal expenses, purchasing vehicles and land, and transferring money to various foreign and domestic companies. The total loss suffered by the victims amounted to $1,977,857.
The Federal Bureau of Investigation (FBI) conducted the investigation into this case. Assistant U.S. Attorney Ryan J. Huschka was responsible for prosecuting the case.
