Miami Radio Personality Arrested in Ponzi Scheme

Thursday, Jul 17, 2014  |  Updated 12:59 PM EDT
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A Miami radio personality was arrested after he used his show to lure victims into a Ponzi scheme, authorities said Thursday.

Philippe Bourciquot is facing charges of racketeering, securities fraud, grand theft, and money laundering in connection with the scheme, the Florida Department of Law Enforcement said in a statement.

According to the FDLE, Bourciquot used his radio shows to solicit investments from members of the Haitian community. He lured investors by promising eight percent monthly returns and guaranteeing investors wouldn't lose money, the FDLE said.

But investigators discovered most of the money was used to pay previous investors and for Bourciquot's personal benefit, authorities said.

"This alleged Ponzi scheme cost many Haitian-Americans their hard-earned money with empty promises of great returns, and my Office of Statewide Prosecution will aggressively prosecute this defendant," Attorney General Pam Bondi said in a statement. "I am grateful to the Office of Financial Regulation and the Florida Department of Law Enforcement for their partnership in an investigation that began with a tip regarding suspicious Creole radio advertisements."

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