A Hudson Valley man has been convicted for operating a multimillion-dollar investment club that was actually a Ponzi scheme.

Rockland County resident Ruless Pierre, age 51, of Nanuet, was convicted in Manhattan federal court of securities fraud, wire fraud, and structuring charges on Thursday, May 27.

According to the allegations contained in the complaint, indictment, and the evidence presented at trial:

  • From at least November 2016 through October 2019, Pierre solicited money from investors of 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. 
  • These investment contracts generally promised that the investor would be paid 20 percent interest every 60 days and that the investor could withdraw all funds from the investment with 30 days’ notice.  Based on these documents and the false representations of Pierre,…

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