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Fernandez Sentenced for Alleged Ponzi Scheme that Targeted his Fellow Countrymen

Posted on Sep 05, 2011

Last month, 37-year-old Luis Fernandez was sentenced to spend 4 years and 9 months in prison, followed by 3 years of supervised release, in connection with an alleged investment fraud scheme that is said to have cost investors millions of dollars.

According to court documents, Mr. Fernandez, through his company Fernandez Financial Inc., collected about $7.4 million from about 50 investors, most of whom were natives of the Dominican Republic like Mr. Fernandez. Mr. Fernandez allegedly promised the investors a return of 3% on their investments.
However, the government alleges that Mr. Fernandez only invested about half of the money collected from investors and saved the rest to make Ponzi-scheme payments and fund his own lifestyle.

Mr. Fernandez may be ordered by the court to pay restitution at a future hearing.

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