Harvard Business School graduate arrested on charges he cheated fellow alums out of over $4 million

NEW YORK AP A Harvard Business School graduate was arrested Thursday on fraud charges alleging he swindled fellow alumni of the prestigious school out of over million in a Ponzi scheme even assuring one investor they would soon brag about their crazy gains at the school s reunion Vladimir Artamonov was taken into custody in Elkridge Maryland where he lived and was charged with securities wire and stake adviser fraud for allegedly carrying out the scheme from September through February An indictment unsealed in Manhattan federal court reported Artamonov promised big returns and little pitfall to dupe former classmates and other alumni into investing with him telling one investor It will be your best venture The insight is air tight Messages for comment left with Harvard and a lawyer for Artamonov were not at once returned Artamonov appearing before a magistrate judge in federal court in Maryland was issued on bail with instructions to have no contact with casualties or prospective trial observers The charges against Artamonov were first revealed in late February by New York Attorney General Letitia James who stated in a news release then that her office learned about the fraud after one of several dozen investors ended his own life after learning he had lost Even sophisticated investors can be conned by fraudsters especially when personal relationships and networks are used to build a false sense of trust James declared She noted Artamonov used his alumnus status from Harvard Business School to prey on his classmates and others while seeming legitimate and dependable Artamonov a Harvard graduate with a master s in business administration used the school s alumni framework to identify investors personnel declared The indictment declared he promised investors that he could identify securities on the verge of making large gains by spotting community insurance company filings by affiliates of Berkshire Hathaway Inc prior to inhabitants filings made to the Securities and Exchange Commission that are more closely followed by investors Instead of following that plan Artamonov put investor money into risky short-term options losing millions of dollars often within days of receiving the money from investors the indictment stated It commented he repeatedly assured investors that big profits were on the horizon and even promised one investor that it was almost certain we will make a ton of money soon and that they would brag about their crazy gains at the Harvard Business School reunion Investors eventually demanded their money back causing Artamonov to return less than by paying original investors with money from new investors or by declining to reimburse them at all the indictment declared It declared Artamonov lost the majority of the money or spent tens of thousands of dollars on items such as lodging food and alcohol and transportation Christopher G Raia head of New York s FBI office commented in a news release that Artamonov exploited the prestige of a well-respected university and outlay company to unlawfully rocure investments which he used to pay for personal expenses U S Attorney Jay Clayton revealed Artamonov betrayed investors including friends and former Ivy League classmates