Attorney General Letitia James has announced the arrest and indictment of Marc Henry Menard, a Florida man involved in an alleged investment fraud scheme. Menard, a former resident of Mineola, New York, is accused of defrauding 11 investors out of more than $600,000, primarily targeting the Haitian community in New York, Florida, and Georgia. According to the Attorney General's Office official reports, Menard falsely claimed to be a highly successful trader, offering up to 20 percent monthly returns on investments. Instead, the AG's office states he funneled the money into high-risk trades and personal luxuries, such as vacations and luxury vehicles.
Menard's scheme, which spanned from July 2020 through June 2023, involved him soliciting investments for his company Marcotech LLC. It is alleged that he was not registered to sell securities, yet he convinced individuals to invest in stocks and cryptocurrencies. The Office of the Attorney General revealed startling details of Menard's misuse of funds, including a personal trading loss of over $670,000 and over $100,000 spent on an lavish trips and high-end goods. In her statement, Attorney General James cautioned New Yorkers against such fraudulent investment opportunities, urging the public to verify anyone offering to handle their money.
The indictment unsealed in Nassau County Supreme Court lists 24 counts against Menard, including Grand Larceny and Securities Fraud. Further adding to the deception, Menard reportedly showed investors fake financial documents that significantly overstated his wealth and trading success. Despite a reality check wherein his trading account never surpassed $240,000, Menard allegedly continued to dupe backers with tales of high returns. The attorney general's thorough investigation uncovered these facts, painting a starkly different image of Menard's financial status and operational methods.
Menard now faces serious consequences, with the top count carrying a sentence of five to 15 years in prison. Following his arrest in Sunrise, Florida, he was arraigned before Judge Tammy Robbins and mandated to stay within New York and Florida and report weekly, also surrendering his passport. Attorney General James reiterates the importance of due diligence in financial matters, advising to never rush investments and to consult trusted advisors before parting with one's money. The office also requests that anyone who may have fallen victim to this or similar scams to report it to the OAG immediately.
The attorney general expressed appreciation for the contributions of the Financial Industry Regulatory Authority (FINRA), the Sunrise Police Department, and the Nassau County District Attorney's Office, among others. As the legal process unfolds, Menard, currently held under the presumption of innocence, will face a trial that will determine his guilt or exoneration.
