A former Mineola man who promised Haitian-community investors monthly returns as high as 20% has pleaded guilty after admitting he stole more than $600,000 from 11 people. The money, prosecutors said, went into risky trading, luxury purchases and a lifestyle that looked considerably more successful than the actual bank balance.
New York Attorney General Letitia James announced Thursday that Marc Henry Menard pleaded guilty to second-degree grand larceny, first-degree scheme to defraud and securities fraud. The update said he was sentenced to five years of probation and barred from participating in the securities industry for five years, according to James' office.
The case grew out of an investment operation that targeted members of the Haitian community in Nassau, Suffolk, Queens and Rockland counties, along with investors in Florida and Georgia. According to the New York attorney general, Menard solicited money through Marcotech LLC while portraying himself as a successful stock and cryptocurrency trader.
As Hoodline previously reported, Menard allegedly dangled monthly returns of 12% to 20% and offered even higher payouts to people who recruited new investors. That kind of promise can make a group chat feel like Wall Street, right up until someone checks the account.
The attorney general's investigation found that Menard lost more than $670,000 through high-risk day trading and options trading between July 2021 and October 2022, according to the state's account of the case. He also allegedly spent more than $100,000 on trips to Turkey, Puerto Rico and Disney World, bought a 2021 Mercedes-Benz and a 2022 BMW, and made purchases at Gucci and Louis Vuitton.
Fake Balances, Real Losses
Menard showed investors a fake ATM receipt claiming he had more than $8 million in the bank and a phony trading screen showing an account value above $1 million. Investigators said his actual trading account never exceeded $240,000 and his highest bank balance was $301,000.
James said Menard lied to hard-working New Yorkers and used their money to finance lavish trips and luxury purchases. The guilty plea closes the criminal case's biggest open question, while the five-year securities-industry ban prevents him from legally taking another run at the investing public.
