Jacques Poujade has been sentenced to 63 months in jail for defrauding traders out of “practically $6.2 million” {dollars}.
Poujade’s Ponzi scheme was run by way of LendPlus Holdings, which fed into Tri-Emerald Monetary Group.
Poujade (proper) illegally obtained $915,000 by way of his Ponzi scheme. One other investor misplaced $5.2 million after Poujade plied him with “a sequence of lies”.
Poujade falsely promised the sufferer that Tri-Emerald was a pre-IPO alternative that would supply excessive returns when the corporate quickly went public on Nasdaq.
He additional lied to the sufferer by saying one funding financial institution “was tremendous enthusiastic about shifting ahead” and estimated that Tri-Emerald would “be a billion greenback firm in below 16 months.
Following an indictment Poujade pled responsible to 1 depend of securities fraud in July 2023.
His sentencing befell on October thirtieth;
The proprietor of an Orange County actual property finance enterprise was sentenced at present to 63 months in federal jail.
Jacques Poujade, 63, of Irvine, was sentenced by United States District Choose Mark C. Scarsi, who additionally ordered him to pay $6,170,600 in restitution.
BehindMLM got here throughout Poujade in 2019 as an confederate of Jason Cardiff.
Jason Cardiff ran the short-lived RengaLife MLM firm, which the FTC sued for shopper fraud in 2018.
As per a June 2019 FTC submitting, Poujade “transferred, loaned, hid, and disbursed Cardiff belongings.”
The FTC finally received the case however, as a result of AMG Supreme Courtroom determination, no financial penalties have been ordered.