MBA Career: Harvard Business School Graduate Accused Of Defrauding Alums In $2.9M Ponzi Scheme

Last Updated on March 3, 2024 by Robert C. Hoopes

Harvard Business School MBA Accused of Running $2.9 Million Ponzi Scheme

New York State Attorney General Letitia James has accused Harvard Business School graduate Vladimir Artamonov of operating a $2.9 million Ponzi scheme that defrauded at least 29 investors, one of whom tragically took his own life. Artamonov had promised investors returns of 500% to 1,000% by claiming to have inside knowledge of Berkshire Hathaway’s investments.

Three of Artamonov’s former Harvard classmates provided affidavits against him, leading to a court order blocking him from further harming investors or transferring funds. AG James warned against the dangers of trusting personal relationships and networks in investments, as Artamonov had solicited investors for his fund through the HBS alumni network in 2021.

It was revealed that Artamonov had used investors’ funds for personal expenses such as vacations, shopping, and dining. The scheme came to light when an investor tragically took his own life after losing $100,000 in Artamonov’s fraudulent scheme.

After earning his Harvard MBA, Artamonov had worked at Greenlight Capital and Coastal Investment Management before founding Coastal Investment Management in 2009 with Todd Plutsky. Prior to Harvard, he had worked at Merrill Lynch and graduated from The Wharton School in 1999.

The case serves as a stark reminder of the risks involved in investment schemes and the importance of conducting thorough due diligence before entrusting funds to individuals promising unusually high returns. The investigation into Artamonov’s Ponzi scheme continues as authorities work to bring justice to the defrauded investors.