Financial Show Host Arrested, Accused Of Ponzi Scheme Targeting Haitian Immigrants
July 18, 2014 at 4:47 AM (PT)
The host of brokered financial radio shows targeted at recent Haitian immigrants in SOUTH FLORIDA has been arrested at his strip mall office in LAKE WORTH, FL and accused of operating a Ponzi scheme.
On THURSDAY (7/17), FLORIDA Attorney General PAM BONDI announced the arrest of PHILIPPE BOURCIQUOT on charges of racketeering, securities fraud, grand theft, and money laundering, alleging that BOURCIQUOT used his radio shows to lure investors with promises of 8% monthly returns and guarantees that they would not lose money, but that the state Office of Financial Regulation and FLORIDA Department of Law Enforcement found in an investigation that "much of the investors’ money was used to pay previous investors and also for the defendant’s personal benefit."
OFR Commissioner DREW J. BREAKSPEAR said, “The Office of Financial Regulation works diligently to ensure that financial predators who commit affinity fraud by targeting and preying upon members of the same ethnic or religious community are thoroughly investigated and brought to justice. The OFR is committed to protecting Floridians from these types of crimes and raising consumer awareness about financial fraud. We continue to work with our partners in law enforcement to reach positive outcomes and protect the citizens of FLORIDA.”
BONDI said, “This alleged Ponzi scheme cost many Haitian-Americans their hard-earned money with empty promises of great returns, and my Office of Statewide Prosecution will aggressively prosecute this defendant. I am grateful to the Office of Financial Regulation and the FLORIDA Department of Law Enforcement for their partnership in an investigation that began with a tip regarding suspicious Creole radio advertisements.”
FDLE Commissioner GERALD BAILEY added, “His victims supported his lavish lifestyle. I regret that a large portion of the funds will be unrecoverable.”