Damian Williams, the United States Attorney for the Southern District of New York, announced that RULESS PIERRE was sentenced to 84 months in prison yesterday in connection with his Ponzi-like securities fraud schemes that primarily targeted PIERRE’s own Haitian community in Rockland County, New York. PIERRE was convicted of securities fraud, wire fraud, and structuring offenses after a jury trial in May 2021 before U.S. District Judge Sidney Stein, who imposed the sentence.
U.S. Attorney Damian Williams said: “Ruless Pierre violated the trust of his closest friends and fellow community members. Pierre’s brazen lies caused many of his victims not only financial losses, but long-lasting emotional damage as well. This sentence achieves some measure of justice for Pierre’s victims and puts fraudsters on notice that we will protect investors from those that would violate their trust.”
According to the Complaint, the Indictment, and the evidence presented at trial:
Investment Promissory Fraud
From at least November 2016 through October 2019, PIERRE solicited money from investors in Ruless Pierre Consulting Group (“RPCG”) by falsely promising them that he would earn a 20% return on their initial investment every 60 days through stock trading (the “Promissory Note Fraud”). The investments were written down in documents known as “Investment Promissory Notes.” These investment contracts generally promised that the investor would be…
