A Harvard Business School graduate was arrested Thursday on fraud charges after allegedly running a $4 million Ponzi scheme targeting fellow alumni, according to AP. Vladimir Artamonov, 46, was taken into custody in Maryland and charged with securities, wire, and investment adviser fraud. Prosecutors allege that Artamonov promised “airtight” investment opportunities and “crazy gains” at reunions while actually funneling money into risky options trades and personal expenses. He returned less than $400,000, sometimes using new investor funds to pay back earlier ones, authorities said. Artamonov was released on $300,000 bail and barred from contacting victims.
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