NEW YORK (1010 WINS) — A 28-year-old Williamsburg man was arraigned on Thursday for allegedly running a Ponzi scheme that scammed over 20 people out of more than $1.3 million, according to Brooklyn District Attorney Eric Gonzalez.
Between March 2019 and September 2022, Mark Ramkishun convinced his victims he was a securities broker capable of returns of $2,000 to $3,000 for every $20,000 they invested with him.
Instead of investing their money, Ramkishun paid for rent, leased luxury cars, ate at lavish restaurants and traveled the world.
When his victims would come looking for their money, he would pay with the funds of his more recent marks.
Prosecutors estimate he distributed about $360,000 of new victims’ money to older victims.
Many of the people he targeted were members of the Healing Center Church in Ozone Park, Queens. His parents were members of the church before they moved to Florida in 2021.
The church itself also invested in the Ponzi scheme.
“This defendant allegedly defrauded over 20 hardworking people out of their savings in what amounted to an elaborate Ponzi scheme,” said Gonzalez. “Our investigation revealed that he targeted many churchgoers whose trust he allegedly betrayed.”
Prosecutors charged Ramkishun with grand larceny, scheme to defraud and issuing false financial statements in a 56-count indictment.
His next court date is scheduled for February 15.
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