Alcides Roman Sentenced for Nationwide Ponzi Scheme

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Symbolic representation of a Ponzi scheme

News Summary

Alcides Roman, a 66-year-old from Lebanon, Tennessee, has been convicted for running a Ponzi scheme that defrauded victims of nearly $1.9 million. Operating under the name Remain in Control LLC, Roman lured investors with false promises and used their funds for personal expenses and payments to other investors. He faces a potential 20-year prison sentence and the FBI is continuing to investigate for additional victims. This case raises concerns about investor protection in financial systems.

Alcides Roman: Tennessee Man Falls from Grace in Nationwide Ponzi Scheme

Lebanon, Tennessee – In what can only be described as a stunning fall from grace, Alcides Roman, a 66-year-old resident of Lebanon, has been convicted for orchestrating a massive Ponzi scheme that defrauded victims from across the country to the tune of nearly $1.9 million. The charade came to an end when Roman pleaded guilty to a single count of wire fraud related to his nefarious exploits.

From Dreams to Scams

Roman’s deceptive operation was conducted under the guise of a business named Remain in Control LLC. Like any classic Ponzi scheme, he lured unsuspecting investors with the promise of attractive returns on their investments. The sad reality, however, revealed itself between June 2020 and October 2020, as Roman preyed on the hopes and dreams of his victims. One unfortunate investor from Overland Park, Kansas fell for Roman’s bait, transferring money to his company’s bank account with visions of financial growth dancing in their head.

The Illusion of Returns

In a cruel twist, the payments that the Kansas victim received were not new profits but rather a return of their own funds. Like a magician pulling a rabbit out of a hat, Roman manipulated the reality of this investment, keeping his victim in a state of belief and trust through a series of elaborate excuses once the payments unexpectedly stopped flowing in.

Branches Across Borders

Unfortunately, this was not just an isolated incident; Roman’s web of deceit extended far beyond the Midwest. Victims also emerged from New York, Texas, and even Richmond Hill, Ontario, Canada. With a growing number of people affected, the gravity of the situation began to come into focus. The total financial devastation caused by Roman’s actions stands at a staggering $1,977,857.88 in known losses among identified victims.

Living the High Life

As investigations have unfolded, it has become clear that Roman was not using the swindled money to help others but rather to fund his lavish lifestyle. He misappropriated the hard-earned cash of his victims to cover his personal living expenses, buy vehicles, purchase land, and, ironically, to make payments to other investors. The very tools that were meant to ensure financial security became the means for Roman to live a life of luxury at the expense of others.

The Law Catching Up

Roman is now scheduled for sentencing in June, where he faces a potential maximum penalty of 20 years in prison. The law is finally catching up with him, and it’s a long road ahead for those who were deceived by his once-charming facade.

In Pursuit of Justice

To add another layer of intrigue, the FBI has stepped in to investigate this case further, actively seeking any additional victims who may have fallen into Roman’s deceitful trap. As the investigation unfolds, it raises questions about the effectiveness of current regulations and the protection of investors in our financial systems.

Final Thoughts

Roman’s narrative serves as a stark reminder of how easily dreams can turn into nightmares, especially when trust is abused. As this story continues to evolve, it also serves as a call for vigilance against financial shows that appear too good to be true. In today’s world, being informed is the best way to protect your hard-earned dollars.