Former Nassau Resident Indicted After Operating Investment Scheme Targeting Haitians: AG

MINEOLA, NY — A former Mineola resident was arrested and indicted after allegedly operating a three-year securities fraud scheme that targeted the Haitian community in New York, Florida and Georgia, New York Attorney General Letitia James said.

Henry Menard, of Florida, is also accused of stealing more than $600,000 from 11 investors, James announced in a statement on Monday.

Menard, who is not registered to offer or sell securities, solicited unsuspecting individuals to invest hundreds of thousands of dollars, claiming that he was a highly successful trader and could generate returns of up to 20 percent per month, the attorney general's office said.

Instead, Menard reportedly transferred investors’ money into his personal trading account, where he sustained staggering losses from high-risk trading, James said.

Menard also used his investors’ money to pay his personal expenses, make expensive purchases on travel and luxury goods, and repay prior investors, she said.

Menard was charged in a 24-count indictment with multiple counts of grand larceny and securities fraud, as well as falsifying business records and scheme to defraud, the AG said.

“Marc Henry Menard took advantage of Haitian New Yorkers, lied to them about his experience as a successful trader, and swindled hard-working people out of hundreds of thousands of dollars,” James said. “Menard treated himself to luxury vacations and shopping trips at his victims’ expense, and now we are bringing him to justice. I encourage all New Yorkers to take caution when making investments and report any suspicious offers to my office.”

An investigation led by the Office of the Attorney General’s (OAG) Criminal Enforcement and Financial Crimes Bureau (CEFC) revealed that beginning in July 2020 and continuing through June 2023, Menard allegedly solicited members of the Haitian community to invest hundreds of thousands of dollars into his company, Marcotech LLC, the AG said. Menard targeted Haitians in Nassau, Suffolk, Rockland, and Queens counties, as well as Florida and Georgia. He promised investors monthly returns of between 12 and 20 percent and promised higher percentages if they recruited additional individuals to invest, James said.

Menard also reportedly used hundreds of thousands of investors’ dollars to repay prior investors and for personal expenditures, the AG said. He spent more than $100,000 on trips to Turkey, Puerto Rico, and Disney World, a 2021 Mercedes-Benz and a 2022 BMW and purchases at luxury retailers such as Louis Vuitton and Gucci, the attorney general said.

To continue his scheme, Menard showed investors a fake ATM receipt that reflected a bank account balance of more than $8 million, and a fake trading screen showing a net account value of more than $1 million, James said.

Menard was released with weekly reporting and was required to surrender his passport and not travel outside New York and Florida. If convicted of the top count charged, Menard faces a maximum sentence of up to five to 15 years in prison, the AG said.

James recommended that New Yorkers take basic steps to avoid becoming the victim of investment fraud schemes. These include:

• In general, do not wire money, send cryptocurrency, or give cash to people you don’t know and haven’t vetted because these transactions are irreversible.
• Be suspicious of individuals you encounter who pressure you to withdraw from retirement accounts (even at a penalty), to borrow money from friends/relatives, or to apply for loans from a bank.
• Beware of individuals who promise you higher profits if you agree to recruit others to invest.
• Never rush into any investment. Be skeptical if the individual insists that you must invest money within a very short time frame, claiming you will lose out on the opportunity.