The Securities and Exchange Commission has charged a 40-year-old New York man with fraud for promising investors 10% to 20% returns a month in an investment scheme targeting members of the Haitian-American community in and around New York City, the agency announced Tuesday.

Marc Henry Menard, who was from New York City but whose whereabouts are now unknown, is charged with defrauding more than 50 individuals out of $1.65 million in a period of more than two years ending in September 2023, the SEC said. Some of the money went to Menard’s girlfriend, Laesha Jean-Louis, also of New York City, who is named as a relief defendant, the SEC said.

The charges were filed in the U.S. District Court for the Eastern District of New York.

Menard used his ties in the Haitian-American community to lure investors, the complaint says, allegedly guaranteed investors 10% to 20% interest payments per month, which is 120% to 240% a year noncompounded.

In soliciting the investments, he told clients of his firm MarcoTech located in Mineola, N.Y., that their funds would be invested in stocks and options, but instead he spent much of the money on luxury items for himself and gave funds to his girlfriend, the complaint said. He also lied about being a successful investor when, in fact, he had lost approximately $700,000, much of it investors’ money, during the period, the SEC said.

During the time he was supposedly investing clients’ money, he instead spent hundreds of thousands of dollars on luxury vehicles, international travel, gifts, rent, and other personal expenses. He also made payments to previous investors in a Ponzi scheme-like manner, the SEC said. When Menard could no longer make promised interest payments to investors or repay the principal on their investments, he lied to clients to conceal his scheme, the agency said.

The complaint seeks disgorgement of the fraudulently gotten funds, prejudgment interest, and civil penalties. The complaint also names Jean-Louis as a relief defendant, meaning she can be held liable for the funds she received.

The SEC maintains a program known as FraudWise to help educate affected communities on how to identify investment scams and provides them with resources to prevent frauds.