MBA Career Scandal: Harvard Business School Grad Accused of $2.9M Ponzi Scheme

Last Updated on March 2, 2024 by Robert C. Hoopes

The New York State Attorney General, Letitia James, has brought to light a shocking case involving Harvard Business School MBA, Vladimir Artamonov, accused of orchestrating a $2.9 million Ponzi scheme. The allegations state that at least 29 investors, one of whom tragically took their own life after losing all their investment, fell victim to Artamonov’s fraudulent activities.

What makes this case even more disturbing is that three of Artamonov’s former Harvard classmates from 21 years ago provided affidavits against him, highlighting the personal relationships he leveraged to deceive investors. AG James warns that even sophisticated investors can be vulnerable to such schemes when trust is built through networks and alumni status, as Artamonov allegedly did.

The court has taken action by issuing a restraining order to prevent Artamonov from further harming investors through his fraudulent actions. It is alleged that Artamonov used new investments to pay existing investors and finance his lavish personal expenses, such as vacations and shopping sprees.

The scheme unraveled when an investor, who lost $100,000 in Artamonov’s scheme, tragically took his own life. CNBC reached out to Harvard Business School for comment, but they had no additional statement to share at this time.

Artamonov’s LinkedIn profile identifies him as an investment professional at Greenlight Capital and a portfolio manager at Coastal Investment Management, a hedge fund he co-founded in 2009. Coastal Investment Management focuses on a long/short equity strategy with an emphasis on special situations.

This case serves as a stark reminder of the importance of due diligence and caution, even when dealing with individuals who may appear trustworthy on the surface. The consequences of falling victim to such schemes can be devastating, as evidenced by the tragic loss of one investor in this case.