He Used His Harvard Credentials To Lure Investors Into A $2.9 Million Dollar Ponzi Scheme
A graduate of Harvard Business School tricked his fellow alumni and associates into investing in a fraudulent Ponzi scheme. He solicited at least $2.9 million from at least 29 investors he had lured into the scheme.
Vladimir Artamonov had allegedly claimed to find out which investments Berkshire Hathaway planned to make ahead of the market, resulting in projected returns of 500 percent to 1,000 percent.
On February 29, 2024, a court order in the Manhattan Supreme Court blocked Artamonov from further harming investors and from withdrawing or transferring funds in his bank and brokerage accounts. Most of the investors were obtained through his connections to the elite school.
The matter became apparent when the Office of the Attorney General (OAG) was informed that one of Artamonov’s investors took his own life after losing $100,000 due to the fraud.
Artamonov continued to solicit new investors even after the tragedy. He did not disclose any of the losses in investors’ funds and used new money invested with him to repay existing investors.
According to the Attorney General’s office, he even used investors’ money to pay for dining, shopping, and vacations.
“Even sophisticated investors can be conned by fraudsters, especially when personal relationships and networks are used to build a false sense of trust,” said Attorney General Letitia James.
“Vladimir Artamonov used his alumnus status from Harvard Business School to prey on his classmates and others while seeming legitimate and dependable. Instead, he has been scamming people out of their investments, with horrific consequences.”
Artamonov graduated from the business school in 2003 with a Master’s in Business Administration. After graduating, he moved to New York and worked as a securities professional.
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James’ office said that he had been soliciting money from the public for an investment fund called “Project Information Arbitrage” or the “Artamonov Fund” from September 2021 up to 2024. Many of his investors only knew him as an acquaintance.
Artamonov allegedly lured clients by claiming that he could examine public state insurance filings to learn which investments Berkshire Hathaway would make.
But in reality, he engaged in a Ponzi scheme. James’ office is urging anyone defrauded by Artamonov to file a complaint.
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