Tennessee Man Convicted in $2 Million Ponzi Scheme.
Alcides Roman, a 66-year-old man from Lebanon, Tennessee, has been convicted for operating a large-scale Ponzi scheme that defrauded victims across the United States and Canada.
Roman, who pleaded guilty to one count of wire fraud, ran the scheme through his company, Remain in Control LLC, targeting individuals seeking lucrative investment opportunities.
From June 2020 to October 2020, Roman misled investors into believing they were receiving returns on their investments when, in reality, their funds were being used to pay earlier investors—a classic hallmark of a Ponzi scheme.
How the Ponzi Scheme Unfolded
Roman lured victims with promises of high returns, including a victim in Overland Park, Kansas, who transferred funds to Roman's company account.
Over the course of several months, the victim saw payments, but these were only partial reimbursements of their original investment.
When the victim stopped receiving payments and reached out for answers, Roman provided a series of excuses, aiming to keep them hopeful and unaware of the ongoing fraud.
This manipulation kept victims from questioning the legitimacy of the scheme, buying Roman time to continue his deception.
Widespread Impact Across the U.S. and Canada
Roman's fraudulent activities weren't limited to one region. Victims of the Ponzi scheme were located in several major cities, including New York, Houston, and Richmond Hill, Ontario, Canada.
This broad geographic reach demonstrates how Ponzi schemes can easily target individuals far beyond a single area.
The total known financial loss from the scheme, based on identified victims to date, amounts to nearly $2 million ($1,977,857.88). This staggering amount highlights the extent of the damage caused by Roman’s fraudulent enterprise.
Personal Luxuries Funded by Stolen Funds
Instead of investing the money as promised, Roman used the stolen funds to cover his personal living expenses and indulge in luxurious purchases, including vehicles and land.
Additionally, he transferred money to foreign and domestic companies, further complicating the investigation and raising concerns about potential international links to the scheme.
The use of fraudulent funds for personal gain underscores the manipulative nature of Roman’s actions and the significant financial harm inflicted on his victims.
Legal Consequences and Ongoing Investigation
Roman is scheduled for sentencing on June 26, 2025, and faces a maximum penalty of 20 years in prison for his role in the Ponzi scheme.
The case continues to be under investigation by the Federal Bureau of Investigation (FBI), highlighting the importance of law enforcement in investigating and prosecuting complex financial crimes.
Assistant U.S. Attorney Ryan Huschka is prosecuting the case, ensuring that Roman’s actions will not go unpunished. This case serves as a reminder of the dangers of trusting fraudulent investment schemes.
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