WCAV-WVAW-WAHU | Charlottesville, Virginia | News

Former CEO of Virginia-based Company Guilty of Ponzi Scheme

September 8, 2010

A Florida man has pleaded guilty to federal charges that he bilked four Hawaii investors out of $250,000, and admitted he bilked scores of others in what prosecutors said was a classic Ponzi scheme.

On Tuesday, Patrick Rakotonanahary of Punta Gorda, Florida told U.S. District Judge Michael Seabright that his investment plan didn't work out the way he had hoped.

The 34 year old was president and CEO of Virginia-based Cyber Market Group LLC.

His clients were told their money would be invested in foreign currency markets. Prosecutors said he actually lost money on the investments and spent most of the remainder for personal benefit.

Rakotonanahary is to be sentenced in January.


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