Massachusetts Couple to Plead Guilty to Multi-Million Dollar Ponzi Scheme

BOSTON – A couple from Randolph, Mass., has been charged and has agreed to plead guilty to running a Ponzi scheme that defrauded dozens of individual investors out of millions of dollars.

Milendophe Duperier, 33, and Vanessa Joseph, 26, have agreed to plead guilty to one count each of conspiracy to commit wire fraud. Plea hearings for the defendants have not yet been scheduled by the Court.

According to the charging documents, Duperier acted as an investment advisor, soliciting investments from individuals and advising them that their funds would be invested in the securities markets. Joseph was allegedly Duperier’s girlfriend and business partner.

It is alleged that, between early 2018 and December 2022, Duperier and Joseph defrauded dozens of individual investors by falsely representing that Duperier would use the entirety of their investments to purchase securities. However, instead of investing the funds in the securities markets as promised, Duperier and Joseph allegedly used the funds to pay prior investors and for personal purchases and expenses – including payments for luxury vehicles and mortgage and credit card debt.

In total, the charging documents allege that Duperier and Joseph defrauded individual investors, some of whom had invested their life savings, of more than $3.2 million. As part of the alleged scheme, Duperier and Joseph allegedly applied for and received small business loans for various entities and used the loan proceeds to pay purported investment returns to victim investors. It is further alleged that Duperier made false statements and excuses to investors as to why he had not made promised interest payments and/or could not return the investors’ principal.

The charge of conspiracy to commit wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss from the offense, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

If you have questions, concerns or information about this case, please reach out to usama.victimassistance@usdoj.gov.

United States Attorney Leah B. Foley and Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division, made the announcement today. Assistant U.S. Attorneys Mackenzie A. Queenin and Leslie A. Wright of the Criminal Division are prosecuting the case.  

The details contained in the charging documents are allegations. The defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.