More than 12 years after he was indicted, Eric Bartoli is in custody in the United States and a court date is scheduled for today, October 29, 2015. Bartoli was sued in 1999 by the Securities and Exchange Commission on charges involving his involvement in Cyprus Funds, Inc., a company owned and operated by Bartoli. The company and Bartoli were accused of running a large-scale Ponzi scheme beginning in 1995 until 1999 when Bartoli was charged.
The Ponzi scheme reportedly raised approximately $65 million from nearly 800 investors, some of which were retirees. The victims were from the United States and Latin America. Cyprus was used by Bartoli and his co-conspirators to allegedly sell certificates of deposit and unregistered mutual funds.
In October of 2003, Bartoli was indicted on 10 counts including conspiracy, sale of unregistered securities, mail fraud, securities fraud, wire fraud, attempted income tax evasion, and money laundering. Bartoli was initially arrested after failing to appear at a scheduled hearing for his SEC charges, and became a fugitive shortly thereafter.
In 2013, Bartoli was taken into custody in Lima, Peru. The arrest was made by the Peruvian National Police in a joint effort with the Diplomatic Security Service and the FBI. Now, 12 years after Bartoli went on the run, he will face his charges in court. If he is convicted, Bartoli will face sentencing based on his prior criminal record, his role in the Ponzi scheme, and the severity of the violation. If you have been the victim of investment fraud, it is important to protect your rights through legal action. At Meyer Wilson, our securities fraud attorneys work to see that victims who have been defrauded are aided in their case to recover their losses. If you believe you have a case, call us for your free consultation and learn your options.