What You Need to Know

  • The unregistered advisor was convicted of two counts of securities fraud, one count of wire fraud and one count of structuring.
  • He faces a maximum of 65 years in prison when sentenced on Sept. 9.
  • The SEC also filed a complaint against him over the same Ponzi scheme.

The operator of a New York “investment club” called Amongst Friends was convicted Thursday in Manhattan federal court of securities fraud, wire fraud and structuring charges for running multimillion-dollar Ponzi and embezzlement schemes, according to Audrey Strauss, the U.S. attorney for the Southern District of New York.

After a trial before Judge Sidney Stein, unregistered investment advisor Ruless Pierre, 51, of Nanuet, New York, was convicted of two counts of securities fraud, each carrying a maximum sentence of 20 years in prison; one count of wire fraud carrying a maximum sentence of 20 years in prison; and one count of structuring that carries a…

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