Today, Carlos Maldonado, owner of Business Planning Resources International (BPRIC), Glorimar Fashions and Tailoring, LLC and Global Business Insurance Agency Inc. On Monday, 11 years and three months (135 months) in federal prison for securities fraud and bank fraud, he was ordered to serve five years of supervised release.
The victims in this case, as in most cases, were promised an incredible return on investment for their hard-earned money. Unfortunately, the promises were based on lies and exploited by someone who used his desire for a better future to gain his trust and steal his dreams,” Joseph Gonzalez, the special agent in charge of the FBI in Puerto Rico, said in a book written formulations.
Maldonado was also ordered to pay $1,986,734.26 in compensation to 46 of his victims.
Maldonado was indicted on 16 counts of securities fraud and bank fraud on October 27, 2016. In December 2019, he was convicted on all counts after a jury trial. The jury found that from approximately 2007 through 2012, Carlos Maldonado along with several colleagues petitioned and acquired more than $5,000,000 on behalf of BPRIC from more than 100 individuals and other companies. As part of the fraud scheme, Maldonado and his associates offered fictitious investment contracts to victims in Puerto Rico and the continental United States in exchange for their cash investment in his fictitious business ventures.
During the trial, the government produced checks, bank records, emails, other documentary evidence, and witness and victim testimonies that demonstrated that the defendant had made or caused to make false and materially misleading statements to investors, including: The companies were engaged in legitimate business functions, which it knew were Incorrect ; (ii) not disclose to investors the use of their funds for the purchase and trading of stocks and commodities in ScottTrade, Foreex Capital Markets, LLC and other personal trading accounts, and for the Maldonado family’s expenses in lieu of financing fictitious trading ventures; and (iii) not disclose that investment money fraudulently obtained will be used by Maldonado to purchase goods and services in retail stores and restaurants and to spend money on travel, rent, entertainment and personal auto loan payments.
After the United States District Judge imposed this substantive sentence, John Woodcock, chief of Puerto Rico’s federal attorney general’s office, Stephen Muldro, asserted that “investment fraud can take many forms, but its main advantage is the promise of a fast and high return.”
Scammers, pretending to be sellers or entrepreneurs, contact unsuspecting people and present them with seemingly exciting investment opportunities. Victims are drawn to the promise of a “too good” deal because it’s not true. We would like to remind the citizens of Puerto Rico that no investment is risk-free and that an offer with a higher rate of return always means greater risk.
Before you invest, get written information, such as a prospectus or annual report, and beware if a salesperson pressures you to invest right away, promises you quick returns, encourages you to borrow money or raise retirement money to invest, and tells you to write false information on your account forms or use words like “guarantee,” “high return,” or “limited offer.” Once you suspect that you have been the target of a fraudulent scheme, please contact the authorities so that we can prosecute those responsible and attempt to recover the stolen funds.”
“At the FBI, we are committed to seeing these cases through to the end, but we need victims to come forward. If you believe you or someone you know has been a victim of one of these schemes, call 787-987-6500 or leave a notice online at Tips. Help us bring these criminals to justice,” Gonzalez added.
The lawsuit was brought by US assistant prosecutors Edward Veronda and Janet Collazo, and investigated by the FBI.
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