Ponzi Scheme Operator Charged with Securities and Bank Fraud

Ponzi Scheme Operator Charged with Securities and Bank Fraud

on Thursday, October 27, defendant, Carlos Maldonado, owner of Business Planning Resources International Corporation (BPRIC), Glorimar Fashions and Tailoring, LLC, Global Business Insurance Agency Inc., and associated under the incorporation documents with Pet Card Systems, Inc., and Datavos Corporation, was arrested and charged in a sixteen-count indictment alleging securities fraud and bank fraud.

From on or about the year 2007 through the year 2012, Carlos Maldonado along with other individuals known and unknown to the Grand Jury raised over $5,000,000 on behalf of BPRIC, from over one hundred individuals, and other businesses and investments; resulting in losses to investors exceeding $2,900,000. As part of the solicitation, individuals throughout Puerto Rico and the Continental US received Investment Contracts that were signed by Maldonado and his associates.

While soliciting investors, defendant Maldonado, in person, through the telephone, internet and through other promoters, would make or cause materially false and misleading representations to be made to investors, including: (i) that various companies were involved in legitimate business functions; (ii) failing to disclose to investors that their funds would be used to buy and trade stocks and commodities on a ScottTrade account, Foreex Capital markets, LLC, and other personal trading accounts, and for Maldonado’s family and expenses; (iii) purchase goods and services at retail stores, restaurants, and spend money for travel, rent, entertainment, and personal auto loan payments.