Man indicted for running alleged $600,000 fraud scheme out of Mineola, NYS AG Letitia James says

A former Mineola man appeared in a Nassau courtroom Monday on an indictment alleging he stole more than $600,000 from primarily Ha itian investors through securities fraud.

Marc Henry Menard, 42, who was arrested in Sunrise, Florida, and returned to Long Island, faces 24 counts of securities fraud and grand larceny from his work operating a Mineola stock trading business, according to state Attorney General Letitia James' office. The charges also include falsifying business records and a scheme to defraud through his Mineola business, MarcoTech.

He pleaded not guilty Monday to all counts at his arraignment in state Supreme Court in Mineola, prosecutors said.

Menard is accused of defrauding 11 investors from Long Island, Queens, Rockland County, as well as from Florida and Georgia, between July 2020 and June 2023. The attorney general’s office said one of the victims was from Suffolk County and five were from Nassau.

"Marc Henry Menard took advantage of Haitian New Yorkers, lied to them about his experience as a successful trader, and swindled hard-working people out of hundreds of thousands of dollars," James said in a statement.

Menard’s attorney, Nicholas Carra, said Monday: "He was charged with financial crimes, and we are reviewing the discovery and preparing the best defense for trial."

Prosecutors said Menard deposited some investments in his own account, which he then spun into short-term day trading, where he lost $670,000 between July 2021 and October 2022. He was also accused of spending more than $100,000 on vacations to Turkey, Puerto Rico and Disney World.

"Menard treated himself to luxury vacations and shopping trips at his victims’ expense," James said, "and now we are bringing him to justice."

Authorities alleged that he also used funds to repay previous debts and buy luxury cars such as a Mercedes-Benz, a BMW, and designer products from Louis Vuitton and Gucci.

Last year, Menard was accused separately by the U.S. Securities and Exchange Commission of defrauding more than 50 investors of $1.65 million, by targeting Haitian investors.

In a default judgment, Menard was ordered in April by the U.S. Eastern District of New York to pay $765,875 to the SEC.

In Monday's indictment, James' office alleges Menard targeted Haitian residents, including offering up to 20% monthly returns on their investments. He allegedly operated a pyramid scheme with incentives for more payouts for attracting new investors, according to a news release, and claimed to be an expert in trading cryptocurrency and stocks, allegedly showing investors a fraudulent bank statement of $8 million, when, according to the attorney general's office, he had at most $300,000 on hand.

Menard was released following his arraignment under conditions to report weekly to authorities and surrender his passport. He was also ordered not to travel outside of New York or Florida, according to the attorney general’s office. If convicted, he could face five to 15 years in prison.

By John Asbury

john.asbury@newsday.comJohnAsbury

John Asbury is a breaking news and general assignment reporter. He has been with Newsday since 2014 and previously worked at The Press-Enterprise in Riverside, California.