An alleged Ponzi scheme run by a Harvard MBA who solicited money from fellow alumni of the prestigious US business school has been shut down by a New York court after collecting more than $2.9mn.
New York attorney-general Letitia James said Thursday her office had secured the court order to freeze funds controlled by Vladimir Artamonov, after being alerted of the suicide of one of his clients who lost $100,000.
The case highlights how even people who have studied for advanced business can be vulnerable to financial frauds and to the use of marketing techniques that prey on alumni networks.
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