MBA Career Update: Former Student Accused Of $2.9M Ponzi Scheme

Last Updated on March 4, 2024 by Robert C. Hoopes

Harvard Business School Alumnus Accused of Running Multi-Million Dollar Ponzi Scheme

New York State Attorney General Letitia James has made a shocking allegation against Harvard Business School MBA Vladimir Artamonov, claiming that he operated a $2.9 million Ponzi scheme that defrauded at least 29 investors. Artamonov reportedly lured investors in by promising returns of 500% to 1,000%, claiming to have inside knowledge of Berkshire Hathaway’s investment plans.

Three of Artamonov’s former Harvard classmates, Mei Shibata, Arndt Nicklisch, and Rahul Mehendale, have provided affidavits against him. Attorney General James stated that Artamonov used his Harvard Business School alumni status to prey on friends and acquaintances.

The scheme came to light after one investor tragically took their own life upon discovering they had lost $100,000 in the fraudulent scheme. Despite this, Artamonov allegedly continued to solicit new investors and provided false information about the fund’s strategy.

Artamonov’s LinkedIn profile lists him as an “investment professional” at Greenlight Capital, but records show he has not worked there since 2008. Instead, he has been working as a portfolio manager at Coastal Investment Management, a hedge fund based in California that he founded with Todd Plutsky in 2009.

Before his time at Harvard Business School, Artamonov worked as a financial analyst at Merrill Lynch and graduated from The Wharton School in 1999. The allegations against him have sent shockwaves through the business school community and raised questions about trust and ethics in the finance industry. My MBA Career will continue to follow this developing story.