New York Attorney General Letitia James announced the arrest and indictment of Florida resident Marc Henry Menard, formerly of Mineola, New York, for allegedly orchestrating a three-year securities fraud scheme that defrauded members of the Haitian community in New York, Florida, and Georgia of over $600,000.
Menard, who is not registered to offer or sell securities, is accused of soliciting investors by claiming he was a successful trader capable of generating returns of up to 20 percent per month. Instead, he allegedly transferred their money into his personal trading accounts, sustaining significant losses from high-risk trades, while also using funds for personal expenses, luxury travel, and designer goods.
“Marc Henry Menard took advantage of Haitian New Yorkers, lied to them about his experience as a successful trader, and swindled hard-working people out of hundreds of thousands of dollars,” said Attorney General James. “Menard treated himself to luxury vacations and shopping trips at his victims’ expense, and now we are bringing him to justice. I encourage all New Yorkers to take caution when making investments and report any suspicious offers to my office.”
The Office of the Attorney General’s Criminal Enforcement and Financial Crimes Bureau (CEFC) investigation revealed that between July 2020 and June 2023, Menard solicited investors through his company, Marcotech LLC, promising returns of 12 to 20 percent monthly and higher payouts for those who recruited additional investors. He allegedly misrepresented himself as an experienced trader in stocks and cryptocurrencies.
Menard is accused of engaging in high-risk day trading and options trading, resulting in losses exceeding $670,000 between July 2021 and October 2022. He also used investors’ money to repay earlier investors and cover personal expenditures, including trips to Turkey, Puerto Rico, and Disney World, as well as the purchase of a 2021 Mercedes-Benz, a 2022 BMW, and luxury items from Louis Vuitton and Gucci.
To maintain the scheme, Menard allegedly showed investors fake ATM receipts showing a balance over $8 million and falsified trading screens reflecting a net account value of over $1 million. In reality, his trading account peaked at $240,000, and his bank account at $301,000.
Menard faces a 24-count indictment unsealed in Nassau County Supreme Court, including two counts of Grand Larceny in the Second Degree, nine counts of Grand Larceny in the Third Degree, 12 counts of Securities Fraud under the Martin Act, one count of Falsifying Business Records in the First Degree, and one count of Scheme to Defraud in the First Degree.
Arrested in Sunrise, Florida, Menard was arraigned before Judge Tammy Robbins in Nassau Supreme Court. He was released with weekly reporting requirements, surrendered his passport, and is barred from traveling outside New York and Florida. If convicted of the top charge, Menard faces 5 to 15 years in prison.
