24 monthsFrantz Simeon's sentence for an affinity fraud against his own community
A Brooklyn man who told fellow Haitian Americans he had a risk-free investment paying 10% monthly returns was sentenced to 24 months in prison after inducing over $350,000 from people in his own community.
Frantz Simeon used First Black Enterprises to pay earlier investors with new investors' money, mailing monthly interest payments to hide the fraud. His victims, largely immigrants, lost over $200,000 before he pleaded guilty to mail fraud.
Source: US Attorney's Office, Eastern District of New York. Read more: affinity fraud · case file