Miami radio show host arrested in alleged Ponzi scheme
07/17/2014 7:59 PM
07/17/2014 8:00 PM
A Miami Creole-language radio host used his show to bilk listeners in a Ponzi scheme, state agents said Thursday.
Philippe Bourciquot, 46, was charged Thursday with racketeering, securities fraud, grand theft and money laundering.
The Florida Department of Law Enforcement, which spearheaded the investigation, did not detail how much Bourciquot is alleged to have stolen.
Investigators say Bourciquot, on the air, lured investors by promising returns of eight percent per month, guaranteeing no money could be lost. But the probe, which included investigators from the state’s Office of Financial Regulation, revealed that each new investment was being used to help pay back earlier investors.
“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.”
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