New Jersey

NJ Couple Admits to Ripping Off Investors in $500K Ponzi Scheme

The couple spent the money on personal luxury items like a sports car and jewelry, and kept the scam going by paying existing investors with money from new victims

What to Know

  • A New Jersey couple has pleaded guilty to ripping off investors for more than $500,000 in a Ponzi scheme
  • The pair admitted in court they took money from about 25 people, purportedly to invest in the foreign currency and commodities markets
  • Instead, the West New York residents spent the money on personal luxury items like a sports car and jewelry

A northern New Jersey couple has pleaded guilty to ripping off investors for more than $500,000 in a Ponzi scheme.

Alcibiades Cifuentes and Jennifer Wee Cifuentes have admitted in federal court in Newark that they took money from about 25 people, purportedly to invest in the foreign currency and commodities markets. Instead, the West New York residents spent the money on personal luxury items like a sports car and jewelry.

Prosecutors say they kept the scam running by paying off existing investors with money they raised from new investors.

Alcibiades Cifuentes pleaded guilty earlier this month. His wife pleaded guilty Monday.

They each pleaded to multiple counts of wire fraud plus conspiracy and theft by a commodity pool operator.

They are scheduled to be sentenced in February.

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