July 24, 2024

The New York Eastern District Courthouse is currently handling a case where Marc Henry Menard is accused of conning more than 50 people, predominantly of Haitian-American heritage, out of at least $1.65 million through a Ponzi scheme. This information comes from a photo file by Rob Abruzzese from the Eagle.

The Securities and Exchange Commission (SEC) lodged a complaint against Menard. It alleges that he exploited over 50 individuals, mostly from the Haitian-American community, making off with no less than $1.65 million.

Per the SEC’s filing in New York’s Eastern District, the scheme played out between July 2021 and September 2023. Supposed past investment successes were fraudulently touted by Menard to entice investments, and he misrepresented the intended use of the invested funds.

The SEC claims Menard pledged to invest the funds in quite profitable stock and options trading, promising monthly returns between 10% and 20%. Far from fulfilling these promises, he reportedly squandered almost $700,000 on trading and lavished a hefty amount on personal luxuries including high-end cars, trips, and gifts.

Menard is accused of running a classic Ponzi scheme, where previous investors are paid returns from the funds of new investors rather than from profits. This fits with the SEC’s claims that when Menard couldn’t produce sufficient trading profits, he paid earlier investors using money from new investors.

All this while, Menard was reportedly doling out substantial amounts of money to Laesha Jean-Eric, his alleged romantic partner. Even when he failed to meet the promised returns, he kept duping the investors, says the SEC.

For these actions, Menard is staring at legal charges for violating numerous segments of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940. To protect others from future fraud, the SEC hopes to permanently bar Menard, reclaim the misappropriated funds, levy civil penalties, and ban him from being an officer or director in any public company. Jean-Louis, who is labeled as a relief defendant, could also face legal recovery attempts by the SEC to regain the money she allegedly received.

Tejal Shah, an associate regional director of the SEC’s New York Regional Office, underscored the weight of these charges.

Shah said, “In our complaint, we state that Menard lied to attract members of the Haitian-American community to invest in funds and then stole a large chunk of the money for his own benefit. The SEC will tirelessly track down those who exploit the trust of people in their community.”

As of Friday, June 14, 2024, the weather is clear with a temperature of 73°F.

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Frequently Asked Questions

What is the SEC’s allegation against Marc Henry Menard?

The SEC alleges that Marc Henry Menard ran a Ponzi scheme that defrauded no less than 50 individuals, most of whom were from the Haitian-American community, out of a minimum of $1.65 million investment funds. Menard, as per the accusation, promised high monthly returns from stock and options trading, but instead spent a hefty sum on personal indulgences and used the funds of new investors to pay returns to older investors.

What charges has Menard potentially violated?

Menard is being accused of violating several sections of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940. If the allegations hold, the SEC may permanently bar Menard, reclaim the misappropriated funds, impose civil penalties, and ban him from being an officer or director in any public company.

Who is Laesha Jean-Louis in relation to this case?

Laesha Jean-Louis is reported to have been in a romantic relationship with Menard. The SEC alleges that she received a significant amount of money from Menard during the course of his scheme. She has now been named a relief defendant and the SEC may make attempts to recover this money from her.