WELLINGTON, Fla. - Former Wellington resident George Louis Theodule was sentenced to 150 months in prison for an investment scheme case that targeted the local Haitian community, according to a release from the United States Attorney for the Southern District of Florida.
According to the indictment, Theodule engaged in a "Ponzi" scheme where he convinced individuals to invest in his companies Creative Capital Consortium and A Creative Capital Concepts and guaranteed that he would double his clients' money within 90 days by trading in stock options.
The indictment alleges Theodule formed “investment clubs” which attracted thousands of investors between late 2007 and late 2008 but only a small portion of investors' money was ever placed into trading accounts.
According to the release, Theodule's scheme unraveled in early 2009 when the Securities and Exchange Commission obtained a restraining order and later an injunction to stop the alleged unlawful practices.
U.S. Attorney Wifredo A. Ferrer said George Louis Theodule defrauded individuals out of millions of dollars.
"He did so by taking advantage of people who trusted him because of their cultural affinity," Ferrer stated, "Such tactics are intolerable, especially given that some of his victims lost their entire life savings. This sentence should send a strong message to those who prey on the trust of others: you will get caught and justice will be served.”
In addition to Theodule's 150 month sentence, he will be ordered to pay restitution to victims of this scheme.
“George Louis Theodule preyed on his connections within the Haitian community with offers too good to be true,” said Michael B. Steinbach, Special Agent in Charge, FBI Miami. Theodule now has 12 and a half years in prison to think about how he betrayed others.”
Any victims of George Louis Theodule’s fraud who have not yet submitted a claim with the U.S. Probation Office are asked to contact Rosemary Williams at (305) 523-5455.