Defendant Charged In Ponzi Scheme Targeting Harvard Business School Classmates

Press Release Defendant Charged In Ponzi Scheme Targeting Harvard Business School Classmates Thursday, September 18, 2025 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York Vladimir Artamonov Misappropriated Over $4 Million of Investor Funds to Make Speculative Options Trades, Pay Back Earlier Investors, and Finance Day-to-Day Personal Expenses United States Attorney for the Southern District of New York, Jay Clayton, and Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), Christopher G. Raia, announced today the unsealing of an Indictment charging VLADIMIR ARTAMONOV with securities fraud, investment adviser fraud, and wire fraud. ARTAMONOV was arrested today in Elkridge, Maryland, and will be presented before U.S. Magistrate Judge Douglas R. Miller in the District of Maryland. The case has been assigned to U.S. District Judge Jennifer L. Rochon. “As alleged, Vladimir Artamonov betrayed investors, including friends and former Ivy League classmates, by promising a low-risk, high-return investment strategy, when in fact he gambled away investor money and paid off previous investors to continue his scheme,” said U.S. Attorney Jay Clayton. “We will continue to protect the investment markets from schemes that may wear the disguise of sophistication, but in the end are just theft.”“Vladimir Artamonov allegedly misappropriated more than four million dollars in investments from fellow alumni through false assurances of little risk and high reward,” said FBI Assistant Director in Charge Christopher G. Raia. “The defendant allegedly exploited the prestige of a well-respected university and investment company to unlawfully procure investments, which he used to pay for personal expenses. The FBI will never tolerate those who seek to financially enrich themselves by betraying the trust and wallets of their investors.”According to the allegations contained in the Indictment:[1]From at least September 2021 through February 2024, ARTAMONOV defrauded numerous investors who participated in an investment opportunity he called “Project Information Arbitrage.” ARTAMONOV, who graduated from Harvard Business School in 2003 and subsequently worked in the financial services industry, used his professional network to solicit investments from classmates and other alumni of Harvard Business School. ARTAMONOV represented to investors that he would use their funds to execute an information arbitrage strategy focused on investments by Berkshire Hathaway Inc. (“Berkshire”). According to ARTAMONOV, due to its reputation, when Berkshire made new investments in publicly traded companies, and those investments became widely known, those companies’ share prices increased significantly. ARTAMONOV represented to investors that he could identify Berkshire’s new investments ahead of their public disclosure in filings with the U.S. Securities and Exchange Commission by reviewing public insurance company filings made by Berkshire’s affiliates with state regulators. By identifying Berkshire’s new investments and purchasing securities of those companies before the rest of the market, ARTAMONOV claimed he could achieve significant returns with little associated risk. ARTAMONOV raised in excess of $4 million from investors.In reality, ARTAMONOV defrauded investors. Instead of executing the strategy that he had pitched to investors, ARTAMONOV primarily traded in risky short-term options that, for the most part, did not overlap with Berkshire’s investments or otherwise implement the arbitrage opportunity that ARTAMONOV had presented. ARTAMONOV lost millions of dollars in investor funds, often within days of his receipt of such funds. ARTAMONOV then concealed those losses from investors while soliciting additional investments and repeatedly claiming that profitable investments were on the horizon. ARTAMONOV sent messages to one investor assuring him that it was “[a]lmost certain we will make a ton of money” soon, and that they would “brag” about their “crazy gains” at the Harvard Business School reunion. When investors eventually demanded the return of their funds, ARTAMONOV repaid old investors with new investors’ funds, or declined to repay investors altogether. Ultimately, ARTAMONOV returned less than $400,000 to investors. Of the approximately $4 million he raised for Project Information Arbitrage, ARTAMONOV lost most of the funds or used them to pay for personal expenses, including lodging, food and alcohol, and transportation.* * *ARTAMONOV, 46, of Elkridge, Maryland, is charged with one count of securities fraud, which carries a maximum sentence of 20 years in prison; one count of investment adviser fraud, which carries a maximum sentence of five years in prison; and one count of wire fraud, which carries a maximum sentence of 20 years in prison.The maximum potential sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.Mr. Clayton also thanked the New York Attorney General’s Office, which separately filed civil proceedings against ARTAMONOV, and expressed appreciation for the assistance of the U.S. Attorney’s Office for the District of Maryland.This case is being handled by the Office’s Securities and Commodities Fraud Task Force. Assistant U.S. Attorney Varun A. Gumaste is in charge of the prosecution.The charges contained in the Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty. u.s._v._artamonov_indictment.pdf [1] As the introductory phrase signifies, the entirety of the text of the Indictment and the description of the Indictment set forth below constitute only allegations, and every fact described should be treated as an allegation. Contact Nicholas Biase, Shelby Wratchford(212) 637-2600 Updated September 18, 2025 Topic Securities, Commodities, & Investment Fraud Component USAO - New York, Southern Press Release Number: 25-216

Press Release Defendant Charged In Ponzi Scheme Targeting Harvard Business School Classmates Thursday, September 18, 2025 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York Vladimir Artamonov Misappropriated Over $4 Million of Investor Funds to Make Speculative Options Trades, Pay Back Earlier Investors, and Finance Day-to-Day Personal Expenses United States Attorney for the Southern District of New York, Jay Clayton, and Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), Christopher G. Raia, announced today the unsealing of an Indictment charging VLADIMIR ARTAMONOV with securities fraud, investment adviser fraud, and wire fraud. ARTAMONOV was arrested today in Elkridge, Maryland, and will be presented before U.S. Magistrate Judge Douglas R. Miller in the District of Maryland. The case has been assigned to U.S. District Judge Jennifer L. Rochon. “As alleged, Vladimir Artamonov betrayed investors, including friends and former Ivy League classmates, by promising a low-risk, high-return investment strategy, when in fact he gambled away investor money and paid off previous investors to continue his scheme,” said U.S. Attorney Jay Clayton. “We will continue to protect the investment markets from schemes that may wear the disguise of sophistication, but in the end are just theft.”“Vladimir Artamonov allegedly misappropriated more than four million dollars in investments from fellow alumni through false assurances of little risk and high reward,” said FBI Assistant Director in Charge Christopher G. Raia. “The defendant allegedly exploited the prestige of a well-respected university and investment company to unlawfully procure investments, which he used to pay for personal expenses. The FBI will never tolerate those who seek to financially enrich themselves by betraying the trust and wallets of their investors.”According to the allegations contained in the Indictment:[1]From at least September 2021 through February 2024, ARTAMONOV defrauded numerous investors who participated in an investment opportunity he called “Project Information Arbitrage.” ARTAMONOV, who graduated from Harvard Business School in 2003 and subsequently worked in the financial services industry, used his professional network to solicit investments from classmates and other alumni of Harvard Business School. ARTAMONOV represented to investors that he would use their funds to execute an information arbitrage strategy focused on investments by Berkshire Hathaway Inc. (“Berkshire”). According to ARTAMONOV, due to its reputation, when Berkshire made new investments in publicly traded companies, and those investments became widely known, those companies’ share prices increased significantly. ARTAMONOV represented to investors that he could identify Berkshire’s new investments ahead of their public disclosure in filings with the U.S. Securities and Exchange Commission by reviewing public insurance company filings made by Berkshire’s affiliates with state regulators. By identifying Berkshire’s new investments and purchasing securities of those companies before the rest of the market, ARTAMONOV claimed he could achieve significant returns with little associated risk. ARTAMONOV raised in excess of $4 million from investors.In reality, ARTAMONOV defrauded investors. Instead of executing the strategy that he had pitched to investors, ARTAMONOV primarily traded in risky short-term options that, for the most part, did not overlap with Berkshire’s investments or otherwise implement the arbitrage opportunity that ARTAMONOV had presented. ARTAMONOV lost millions of dollars in investor funds, often within days of his receipt of such funds. ARTAMONOV then concealed those losses from investors while soliciting additional investments and repeatedly claiming that profitable investments were on the horizon. ARTAMONOV sent messages to one investor assuring him that it was “[a]lmost certain we will make a ton of money” soon, and that they would “brag” about their “crazy gains” at the Harvard Business School reunion. When investors eventually demanded the return of their funds, ARTAMONOV repaid old investors with new investors’ funds, or declined to repay investors altogether. Ultimately, ARTAMONOV returned less than $400,000 to investors. Of the approximately $4 million he raised for Project Information Arbitrage, ARTAMONOV lost most of the funds or used them to pay for personal expenses, including lodging, food and alcohol, and transportation.* * *ARTAMONOV, 46, of Elkridge, Maryland, is charged with one count of securities fraud, which carries a maximum sentence of 20 years in prison; one count of investment adviser fraud, which carries a maximum sentence of five years in prison; and one count of wire fraud, which carries a maximum sentence of 20 years in prison.The maximum potential sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.Mr. Clayton also thanked the New York Attorney General’s Office, which separately filed civil proceedings against ARTAMONOV, and expressed appreciation for the assistance of the U.S. Attorney’s Office for the District of Maryland.This case is being handled by the Office’s Securities and Commodities Fraud Task Force. Assistant U.S. Attorney Varun A. Gumaste is in charge of the prosecution.The charges contained in the Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty. u.s._v._artamonov_indictment.pdf [1] As the introductory phrase signifies, the entirety of the text of the Indictment and the description of the Indictment set forth below constitute only allegations, and every fact described should be treated as an allegation. Contact Nicholas Biase, Shelby Wratchford(212) 637-2600 Updated September 18, 2025 Topic Securities, Commodities, & Investment Fraud Component USAO - New York, Southern Press Release Number: 25-216