Nanuet Man's Fraud Schemes Targeted Haitians, His Employer

NANUET, NY — A Nanuet resident who defrauded people in the Haitian community of more than $2 million in a multi-year securities fraud that started with a day-trading Ponzi scheme and ended with a fast-food franchise scam has been sentenced to 7 years in prison.

Ruless Pierre primarily targeted his own community in Rockland County, New York, but also also embezzled money from his employer in Rockland and Westchester. Pierre was convicted of securities fraud, wire fraud, and structuring offenses after a jury trial in May 2021.

If it sounds too good ...

• From November 2016 through October 2019, Pierre solicited money from investors in Ruless Pierre Consulting Group by falsely promising them that he would earn a 20 percent return on their initial investment every 60 days through stock trading.
• In November 2018, he began seeking "silent partners" for three fast-food franchises he was going to buy, promising a 5 percent monthly return.

In the stock trading scheme, he obtained over $2 million from 100 investors. He transferred the money to trading accounts, where he engaged in unprofitable day trading. In addition to losing their money, he also used investors’ funds to pay for personal expenses, including luxury vehicles. He concealed the truth by using money obtained from new investors to make redemption payments to previous investors.

In the franchise scheme, he raised at least $200,000 from at least 18 investors. He bought one out of the three. It went out of business in December 2019.

For nine years until February 2016, Pierre was the director of finance for two different hotels, which were owned by the same company, one located in Palisades and the other in Armonk. He was the signatory on several bank accounts held in the name of the management companies that managed the Hotels. After August 2018, he no longer worked at either hotel, but he regularly wrote himself checks payable to cash from the Management Companies’ bank accounts.

Specifically, from September 2018 through March 2019, PIERRE wrote over 70 checks to “cash” or “petty cash” from one of the bank accounts for Hotel-1, for over $300,000.
In addition, from March 2017 through 2019, PIERRE deposited large amounts of cash into his personal bank accounts in amounts that were generally less than $10,000. The deposits were conducted at various bank locations and typically took place on the same day, consecutive days, or within a short period of time.

For example, in just seven months, from June 2018 through December 2018, PIERRE deposited approximately $225,612, through 138 cash deposits all under $10,000, into a bank account in the name of RPCG.

In addition to the prison term, the 52-year-old was sentenced to 3 years of supervised release and was ordered to pay forfeiture in the amount of $3,701,893.91 and restitution to victims in the amount of $2,030,337.32.