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Tag: Alcibiades Cifuentes
Husband And Wife From W. New York Admit Running $500K Ponzi Scheme
A married couple from West New York pleaded guilty to multiple offenses related to an investment firm that was really cover for a Ponzi scheme, the U.S. Attorney for New Jersey said Monday.
Alcibiades Cifuentes, 36, and his wife Jennifer Wee Cifuentes, 38, ran a hedge fund, Cifuentes Fund Management, which they said was investing in foreign currencies and commodities.
In reality, for three years beginning in 2012, the couple took investors' money and bought jewelry, an Audi R8 and other items. They took some cash from more recent investors in the fund and gave it to older invest…
