Investment firm operator indicted in $100M Ponzi scheme, federal prosecutors say
Jakkar AimeryCriminal charges have been filed against an investment firm operator accused of running an alleged multimillion-dollar Ponzi scheme for several years, federal prosecutors said Tuesday.
Darren Robinson, 54, was indicted on 11 counts of wire fraud and one count of money laundering in connection with the alleged operation that stole $100 million from investors, prosecutors said.
If convicted, he faces up to 20 years in prison on each wire fraud charge and up to 10 years behind bars on the money laundering charge.
The victims included several apparent investors from southeast Michigan who allegedly were promised by Robinson that they would receive guaranteed returns, according to the U.S. Attorney's Office.
Robinson, a former resident of Brooklyn, New York, operated a supposed trading firm called QYU out of Panama and the Cayman Islands. QYU was accused of using money from new investors to pay older investors, prosecutors have said. Robinson also was said to have ties to Colombia.
The firm told investors QYU consistently generated stellar investment results, prosecutors said. In one example, the government said investors were told that a $100,000 investment in 2014 would grow to more than $2 million by 2021.
An indictment filed Jan. 12 is the latest legal problem facing Robinson.
Several of Robinson's victims were from Metro Detroit, according to a complaint filed by federal prosecutors in June. One victim invested more than $1 million since 2019. Collectively, residents from southeast Michigan invested tens of millions of dollars in QYU, prosecutors have said in a previous release.
According to court records, Robinson was placed on pretrial release on bond with a GPS tether in June. He was required to report to pretrial services, seek for employment, not apply for loan or credit without permission, surrender his passport and not obtain international travel documents. He also was required to limit travel to the Eastern District of Michigan and Florida, reside at the bond address and not open financial accounts without pre-approval.
But the tether was removed in November in Atlanta after he'd been permitted to fly to Georgia to meet his attorney. Robinson disappeared and had not responded to attempts from court officials to reach him, court records showed.
Investor money also allegedly was used to fund business expenses, compensate client managers and employees at QYU, and fund Robinson's lifestyle. One transfer indicated Robinson spent $800,000 on property in the United Arab Emirates, prosecutors alleged in June.
Robinson is wanted on an arrest warrant issued in federal court on Thursday, the U.S. Attorneys Office for the Eastern District of Michigan said Tuesday. He was described as 5-foot-11 and 180 pounds with a bald or shaven head and brown eyes.
"Our resolve is to bring Darren Robinson to account for his alleged multimillion-dollar Ponzi scheme with victims around the world," said Cheyvoryea Gibson, special agent in charge of the FBI in Michigan, in a statement.
"I would like to thank the Internal Revenue Service, Criminal Investigation Division, our international partners, and all the law enforcement agencies dedicated to achieving justice in this case. Investment fraud can be crippling for its victims, and the FBI is committed to identifying and working with anyone impacted by Robinson’s scheme," Gibson said.
People with information on Robinson's whereabouts are urged to contact the FBI at 1 (800) 225-5324, reach out to local FBI offices or the nearest American Embassy or consulate. Online tips can be submitted at tips.fbi.gov.
Potential victims who invested with QYU can contact the FBI at www.fbi.gov/QYU_holdings_victims.
jaimery@detroitnews.com