Man Sentenced for Ponzi Scheme Assistance

Man Sentenced for Ponzi Scheme Assistance

Ponzi Scheme Assistance Leads to Prison

A Pennsylvania man has been sentenced in Texas to time in prison for assisting a Mexican businessman in the operations of a $14 million dollar Ponzi scheme.
A federal judge has sentenced 61-year-old David Brian Binder of Pittsburg, PA, to 30 months in federal prison followed by three years of supervised release. In addition, a United States District judge has ordered Binder to pay a $5,000 fine and $503,027.90 restitution.

The Mexican businessman in the case is Roberto Trinidad Del Carpio Frescas, who presented himself to investors as a licensed investment broker and expert in stocks, bonds, futures in oil, gas, precious metals and currency.

Though he was not licensed in the state of Texas as a dealer, Del Carpio collected money from over 100 known investors in Mexico and the United States. From August 2010 to January 2012, Del Carpio pocketed most all of the funds he collected. He paid only minimal amounts of money to “early” investors as a return on their investment and to encourage his victims to invest more of their money with him – a hallmark of a Ponzi scheme.

After an investigation and trial, on Binder pleaded guilty to one count of wire fraud on March 3, 2017. He also admitted that he assisted Del Carpio in keeping proceeds from the scheme out of the hands of potential creditors as well as lying to them about protecting their investments.

Have You Been a Victim of a Ponzi Scheme?

If you are the victim of a Ponzi scheme or have lost money in an investment scheme, you may have certain legal rights that require your immediate attention.

Call An Investment Attorney Today

If you are looking for an investment fraud attorney to review your rights and options, the securities lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerages firms for their wrongful actions.

With offices in Los AngelesNew YorkWest Palm Beach and Miami, our investment fraud attorneys represent clients nationwide and may be able to help you recover your investment losses.

Contact an investment fraud attorney at Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options.