The Securities and Exchange Commission announced Tuesday the acquisition of an emergency court order to immediately halt the progress and freeze assets of an alleged Ponzi scheme and associated affinity fraud which targeted Haitian-American investors to the tune of $23 million.

Thousands of investors were allegedly effected by this Ponzi scheme which targeted Haitian-Americans through established investment clubs and related social institutions around the United States.

The SEC’s press release releases the names of the accused, the corporations Creative Capital Consortium LLC and A Creative Capital Concept$, LLC, and their holder George L. Theodule. The scheme, which has allegedly been operating since November of 2007 promised investors 100 per cent returns on their investment within 90 days based on, what Mr. Theodule claimed was the successful investment of their funds in stocks and options.

Theodule has lost at least $18 million of the funds over the past year and co-mingled investors funds with his own misappropriating at least $3.8 million to himself.

“This alleged Ponzi scheme preyed upon unsuspecting members of a close-knit community, attempting to take advantage of the trust they had in each other, as always, investors need to be wary of investment opportunities that guarantee results and tout extraordinary returns.” said the SEC’s enforcement division in the press release.

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