Ponzi Scheme Operator Found Guilty in Puerto Rico Court

Verdict Delivered Against Carlos Maldonado

A jury has delivered a guilty verdict against Carlos Maldonado, owner of several companies, on charges of securities fraud and bank fraud. The trial was presided over by Chief Judge Gustavo A. Gelpí in the United States District Court for the District of Puerto Rico.

Charges and Scheme Details

Maldonado was charged with 16 counts of securities fraud and bank fraud in October 2016 after it was discovered that he had raised more than $5 million from over 100 individuals and businesses between 2007 and 2012. The scheme resulted in losses exceeding $2.9 million for investors who were misled into investing in his companies.

• Maldonado made false and misleading representations to investors, including claims that various companies were involved in legitimate business activities.
• He used the funds raised to finance personal expenses, pay off debts, and engage in illegal activities such as trading stocks and commodities on a ScottTrade account and Forex Capital markets, LLC.

Investigation and Trial

The scheme was uncovered after investigators discovered checks, bank records, emails, and other documentation that revealed Maldonado’s true intentions. Witnesses and victims also testified during the trial, providing further evidence of the defendant’s guilt.

Guilty Verdict and Sentencing

Maldonado is facing a maximum term of imprisonment of 30 years and a fine not to exceed $1 million. The case was prosecuted by Assistant United States Attorneys Edward Veronda and Jeanette Collazo, and investigated by the FBI.

Impact and Message

The guilty verdict sends a strong message that those who engage in financial fraud will be held accountable for their actions. “We will continue investigating and prosecuting this type of crimes to the full extent of the law,” said W. Stephen Muldrow, United States Attorney for the District of Puerto Rico.