Latino Husband and Wife arrested in Ponzi Scheme

they will never enjoy this vehicle....

According to the feds..."The owners and operators of a purported hedge fund will appear in court today on charges that they defrauded more than two dozen investors by making extraordinary guarantees about investment returns and then used the money for extravagant purchases and to pay off other victims, U.S. Attorney Paul J. Fishman announced. 

Alcibiades Cifuentes, 33, and his wife, Jennifer Wee Cifuentes, 35, both of West New York, New Jersey, were arrested by U.S. Postal Inspectors and criminal investigators with the U.S. Attorney’s office and charged by complaint with commodities fraud and mail fraud. They are scheduled to appear this afternoon before U.S. Magistrate Judge Leda Dunn Wettre in Newark federal court.   

According to the criminal complaint:

Alicbiades and Jennifer Wee Cifuentes allegedly engaged in an investment fraud scheme from 2012 through March 2015. They fraudulently induced victims to invest in the foreign currency and commodity markets through Cifuentes Fund Management (CFM), their hedge fund that purportedly invested in foreign currencies, and then almost immediately spent those investment funds on personal items, such as an Audi R8 and jewelry. The couple would then pay back a portion of the victims’ money with money received from newly duped victims. They allegedly defrauded approximately 25 victims of approximately $590,000. 

The count of mail fraud with which the defendants are each charged carries a maximum potential penalty of 20 years in prison and a fine of $250,000, or twice the gross gain or loss caused by the scheme. The count of commodities fraud carries a maximum potential penalty of 10 years in prison and a fine of $1 million, or twice the gross gain or loss." See story here...https://www.justice.gov/usao-nj/pr/husband-and-wife-arrested-and-charged-ponzi-scheme-relation-hedge-fund-investments

The Audi R8 has an MSRP of $162,900.00.  All this high flying lifestyle on the expense of others  will forever come to an end for this couple. What were they thinking that they would never get caught? The law of the universe says that when you make money dishonestly, you will lose it and be proved a fool.

Lucky for them the fraud was not in the millions or they would sit a long time in jail if they get convicted. If they take it trial and lose they will get hammered. To see what they can expect in prison...go here...https://www.amazon.com/gp/product/B011GTWLOG