Harvard MBA Used Alumni Network To Fuel $4M Fraud, Feds Say

Core Points - Vladimir Artamonov, a 2013 Harvard Business School graduate, has been indicted for allegedly defrauding investors out of over $4 million [1][2] - He faces charges including securities fraud, wire fraud, and investment adviser fraud, with claims of promising "astronomical" returns through a secretive investment strategy [2][5] - The indictment reveals that Artamonov misused investor funds for high-risk trades and operated a Ponzi scheme, returning less than $400,000 of the raised funds [3][5] Investor Impact - Artamonov's actions have reportedly betrayed investors, including friends and former classmates, who were promised low-risk, high-return investments [5][6] - The civil suit filed by New York Attorney General Letitia James in February 2024 first exposed the fraudulent activities, alleging that at least 29 investors were defrauded out of $2.9 million [6][8] - One early investor, who lost $100,000, tragically died by suicide, highlighting the severe personal impact of the fraud [7] Investment Strategy Claims - Artamonov claimed to have developed an investment strategy called Project Information Arbitrage, which he asserted could predict Berkshire Hathaway's market moves by analyzing insurance filings [2][8] - His pitch was notably specific, leveraging his Harvard Business School background to gain credibility and attract investors from his network [8]