MIAMI (CBSMiami) — A Miami radio personality was arrested for allegedly running a Ponzi scheme in South Florida.
Philippe Bourciquot would allegedly solicit victims of the investments through his radio shows, promising them eight percent monthly returns and purportedly “guaranteeing” investors could not lose money.
Officials announced his arrest Thursday after an investigation by the Office of Financial Regulation and the Florida Department of Law Enforcement.
A tip regarding a suspicious Creole advertisement triggered the investigation which found that much of the investors’ money was used to pay previous investors along with allegedly benefiting Bourciquot.
“His victims supported his lavish lifestyle,” said Florida Department of Law Enforcement Commissioner Gerald Bailey. “I regret that a large portion of the funds will be unrecoverable.”
Bourciquot faces charges of racketeering, securities fraud, grand theft, and money laundering in connection with the scheme.
“This alleged Ponzi scheme cost many Haitian-Americans their hard-earned money with empty promises of great returns, and my Office of Statewide Prosecution will aggressively prosecute this defendant,” said Attorney General Pam Bondi.