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Press Release

New York Man Is Sentenced To Six Years For Investment Scheme That Defrauded Retired Victims Of More Than $440,000

For Immediate Release
U.S. Attorney's Office, Western District of North Carolina
The Defendant Executed the Scheme while He Was Being Prosecuted for a Similar Scam in another State

CHARLOTTE, N.C. – U.S. Attorney Andrew Murray announced today that Rudolph Carryl, 68, formerly of Oyster Bay, N.Y., was sentenced today to 74 months in prison and two years of supervised release for executing an investment scheme that defrauded retired victims of more than $440,000.  U.S. District Judge Max O. Cogburn, Jr. also ordered Carryl to pay $444,500 in restitution.

John A. Strong, Special Agent in Charge of the Federal Bureau of Investigation, Charlotte Office joins U.S. Attorney Murray in making today’s announcement.

According to plea related documents and today’s sentencing hearing, Carryl held himself out as an investment advisor to his victims and operated Carryl Capital Management (CCM), an investment management firm with offices in New York City.  CCM maintained a website that purported the firm adhered to rigorous risk control measures, and was dedicated to achieving the investment goals for its clients.

In or about February 2015, Carryl induced a victim identified as “M.G.” to hand over money which he promised to invest in stocks. Over the course of two years, M.G., who was Carryl’s childhood friend and a retired nurse living in North Carolina, wired more than $90,000 to an account controlled by Carryl, based on Carryl’s misrepresentations that M.G.’s money would be used to purchase stocks on M.G.’s behalf. Similarly, in or about May 2015, Carryl solicited victims “W.B.,” a retired, decorated United States Air Force veteran, and his wife “A.B.,” both of North Carolina, to invest approximately $350,000 in a purported investment fund that was managed by Carryl. To induce the retired couple to part with their money, Carryl claimed that he was a successful investment adviser who managed investments for the country of Saudi Arabia and that he was friends with wealthy celebrities.  

According to court records, rather than invest the victims’ funds as promised, Carryl used the money to pay for personal and other expenses, to repay his other victims other misconduct, and to make substantial cash withdrawals.

Unbeknownst to his victims, Carryl was being investigated and ultimately was convicted of federal wire fraud charges related to a separate investment scheme at the same time he was defrauding his victims in North Carolina. Carryl was sentenced in August 2017 by a federal judge in New York to 12 months and one day in prison for the other fraud.  After his sentencing but before he reported to the Federal Bureau of Prisons to begin serving his sentence, Carryl continued to be in contact with W.B., assuring W.B. that his investments were doing ok, all the while failing to disclose any information about his conviction or his impending report date to the Federal Bureau of Prisons.   

Carryl previously pleaded guilty to securities fraud, and he is currently detained. In sentencing Carryl today, Judge Cogburn emphasized the tremendous impact that Carryl’s “avarice and greed” had on his victims and the fact that Carryl continued to lie to his victims while being prosecuted in New York for his previous crime. 

In making today’s announcement, U.S. Attorney Murray thanked the FBI for leading the investigation.

Assistant United States Attorneys Daniel Ryan and William Bozin, of the U.S. Attorney’s Office in Charlotte, prosecuted the case. 

In March 2019, U.S. Attorney Andrew Murray announced the Office’s Elder Justice Initiative, which aims to combat elder financial exploitation by expanding efforts to investigate and prosecute financial scams that target seniors; educate older adults on how to identify scams and avoid becoming victims of financial fraud; and promote greater coordination with law enforcement partners. For more information please visit:



Updated September 19, 2019

Elder Justice
Financial Fraud