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Man wanted by FBI for allegedly running $100M Ponzi scheme
The charges are in connection with Robinson's alleged operation of a Ponzi scheme that stole $100 million from investors.
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Man wanted by FBI for allegedly running $100M Ponzi scheme
By Gabrielle Dawson
Updated on: January 17, 2024 / 3:15 PM EST / CBS Detroit
DETROIT, Mich. (CBS DETROIT) - Darren Anthony Robinson, 53, operator of a supposed foreign exchange trading firm was indicted on 11 counts of wire fraud and one count of money laundering, the United States Department of Justice announced.
The charges are in connection with Robinson's alleged operation of a Ponzi scheme that stole $100 million from investors.
Robinson has previously operated out of Panama. He was previously charged in a criminal complaint in this matter, released on bond, and then removed his GPS tether, and became a fugitive, officials said.
He is currently wanted on an arrest warrant issued by the United States District Court for the Eastern District of Michigan.
Anyone with information on where Robinson may be, can call the FBI at 1-800-225-5324, your local FBI office, the nearest nearest American Embassy or Consulate, or submit a tip online.
Robinson operated a trading firm known as "QYU" located in Panama and the Cayman Islands, according to the indictment and other court records.
QYU was represented to investors that it was generating "stellar investment results." Investors were promised guaranteed returns and told the firm was only paid on trading profits, not investor principal, officials said.
It was just a Ponzi scheme and investor funds were largely not used for trading activity, instead, investor funds were used to pay other investor distributions, cover business expenses, pay employees, and fund Robinson's lifestyle, officials said.
QYU investors were provided with false account statements and fake trading data, according to the Department of Justice.
QYU obtained an estimated $100 million from investors, according to court records.
According to law enforcement, many QYU investors from southeast Michigan were identified. Potential victims are encouraged to contact the Federal Bureau of Investigation.
Robinson faces up to 20 years in prison on each charge of wire fraud and up to 10 years in prison on the charge of money laundering, officials said.
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