News and Press Releases

Eric Bartoli arrested in Peru After a decade as a fugitive

FOR IMMEDIATE RELEASE
Dec. 11, 2013

Eric V. Bartoli, who was indicted in 2003 on a 10-count indictment and has been a fugitive for more than a decade, has been arrested in Peru, said Stephen D. Anthony, Special Agent in Charge of the Cleveland Division of the Federal Bureau of Investigation and  Steven M. Dettelbach, United States Attorney for the Northern District of Ohio.

Bartoli is accused of operation a large-scale ponzi scheme from 1995 through 1999.  Bartoli allegedly created and operated a company by the name of Cyprus Funds, Inc., which was based in Doylestown, Ohio and incorporated in Central America and Belize.  Bartoli and his co-conspirators allegedly operated Cyprus to sell certificates of deposit and unregistered mutual funds.  Cyprus raised approximately $65 million from an estimated 800 investors in Latin America and the United States.  Some of Cyprus’s victims include retirees, according to court records.

Bartoli was sued in 1999 by the Securities and Exchange Commission on charges involving the Cyprus Funds, Inc.  Bartoli did not appear at a scheduled hearing regarding the SEC charges.  He was subsequently found in contempt of court and a civil arrest warrant was issued.  Bartoli had fled Ohio and was arrested in New Hampshire.  Bartoli was not detained at that time and became a fugitive.

A 10-count federal indictment was filed against Bartoli in the U.S. District Court for the Northern District of Ohio in October 2003.  He was charged with conspiracy, securities fraud, sale of unregistered securities, wire fraud, mail fraud, money laundering, and attempted income tax evasion.

Bartoli has been featured on shows including American Greed and Life on the Run and on a wanted poster by the FBI posted on www.fbi.gov

Bartoli was taken into custody this morning at 6:15a.m. in Chorillos, Lima, Peru by the Peruvian National Police without incident. The operation was a joint effort between the FBI, Diplomatic Security Service, and the Peruvian National Police.  The United States Government appreciates the Government of Peru’s cooperation on this sensitive case. 

“We are thankful for our continued partnership with the international law enforcement community.  A team of Cleveland and international FBI resources worked closely with the Peruvian authorities to locate and apprehend Eric Bartoli,” Anthony said.  “We hope that the long awaited prosecution of Bartoli will provide some satisfaction to the many individuals he defrauded.” 

“We are gratified by the all the hard work that was done to bring Mr. Bartoli into custody,” Dettelbach said. 
         

 

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