Imprisoned Haitian swindler summoned for SEC sanctions discussion

The U.S. Securities and Exchange Commission has offered imprisoned Rockland fraudster Ruless Pierre a second chance to explain why he should not be held accountable for swindling fellow Haitians in a $2 million investment fraud.

Pierre, 54, formerly of Nanuet, had failed to answer SEC charges, according to a Dec. 4 order to show cause, and now he must do so by Jan. 18 or be deemed in default and face administrative sanctions.

A Manhattan federal court jury convicted Pierre in 2021 on charges of securities fraud, embezzlement and structuring bank deposits to evade detection. Last year he was sentenced to seven years in prison and ordered to forfeit nearly $3.4 million in ill-gotten gains and pay more than $2 million to his victims.

Pierre formed an informal investment club in 2016 and Amongst Friends Investment Group in 2017 to solicit money for investments, such as fast food franchises. He appealed to a hundred friends and relatives, mostly in the Haitian community, according to court records, by promising exceptionally high and unrealistic rates of return.

He also embezzled funds from a hotel management company where he was employed as the controller.

Rather than investing the funds, according to court records, Pierre squandered the proceeds on unprofitable day trading and on a lavish lifestyle.

Pierre was never registered with the SEC, thus the agency’s interest in his deeds.

In September 2022 the SEC ordered a public hearing to be convened to determine whether the criminal allegations are true and what, if any, remedial action “is appropriate in the public interest.”

Pierre was given 20 days to answer the allegations. He did not respond.

The SEC says it has verified that the administrative proceedings notice was served at the prison.

He is currently being held at United States Penitentiary, Canaan, in Waymart, Pennsylvania.

If Pierre fails to respond again, the new order states, the SEC may seek a default order and impose remedial sanctions by Feb. 15.