George Theodule, a manager of Creative Capital Consortium LLC, was sued by the United States Securities and Exchange Commission for allegedly running a large Ponzi Scheme that defrauded thousands of Haitian-Americans out of over $23.4 million in investments. The SEC also filed an emergency to stop the alleged scheme.U.S. Securities and Exchange Commission: Creative Capital Consortium, LLC (December 30, 2008) The investigation is ongoing.Bloomberg.com: SEC Halts $23 Million Ponzi Scheme Targeting Haitians (December 30, 2008)
Quotes on Theodule's Scheme
"This alleged Ponzi scheme preyed upon unsuspecting members of a close-knit community, attempting to take advantage of the trust they had in each other."Bloomberg.com: SEC Halts $23 Million Ponzi Scheme Targeting Haitians (December 30, 2008)—Linda thomsen, SEC's enforcement director
"His ability to get people to reinvest was compromised by the bad economy. It was money they needed to put food on the table, and they weren’t going to continue to roll it over."Bloomberg.com: SEC Halts $23 Million Ponzi Scheme Targeting Haitians (December 30, 2008)—David A. Rothstein, attorney in Miami
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SEC filed emergency action to stop alleged fraud by George Theodule and Creative Capital ConsortiumU.S. Securities and Exchange Commission: Creative Capital Consortium, LLC (December 30, 2008)
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Theodule and Creative Capital allegedly took at least $23.4 million from Haitian-American investorsU.S. Securities and Exchange Commission: Creative Capital Consortium, LLC (December 30, 2008)
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