Randolph couple pleads guilty to multi-million dollar Ponzi scheme

BOSTON — A Massachusetts couple has pleaded guilty to running a Ponzi scheme that defrauded numerous investors of millions of dollars.

Milendophe Duperier, 33, and Vanessa Joseph, 26, both from Randolph, each pleaded guilty to one count of conspiracy to commit wire fraud. They were initially charged back in May.

According to charging documents, Duperier was acting as an investment advisor, soliciting investments from people and telling them that their funds would be invested in securities markets. Joseph was Duperier’s girlfriend and business partner.

Part of their scheme saw the couple applying for and receiving small business loans for ‘various entities.’ Duperier would make false statements/excuses to investors as to why he had not made promised interest payments and/or could not return the investors’ principal.

Between 2018 and December of 2022, the two had defrauded dozens of individual investors by falsely alleging that Duperier would use their investments to purchase securities. What they did instead was use the money to either pay prior investors or for personal use. including payments for luxury vehicles and mortgage, and credit card debt.

In total, it is believed that Duperier and Joseph defrauded nearly $3.2 million from investors.

The charge of conspiracy to commit wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release, and a fine of up to $250,000 or twice the gross gain or loss from the offense, whichever is greater.

Duperier and Joseph‘s sentencing is set for October 14.

This is a developing story. Check back for updates as more information becomes available.

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