NEW BERN, N.C. — U.S. Citizenship and Immigration Services assisted in an investigation that resulted in the sentencing of Cyril Domaquik Clemens, 72, a native of Liberia, for naturalization fraud. On Sept. 17, a federal judge sentenced Clemens to time served. The court also revoked Clemens’ naturalized U.S. citizenship and judicially ordered him to self-deport at his own expense. Clemens pleaded guilty to naturalization fraud on June 18. U.S. Attorney for the Eastern District of North Carolina Ellis Boyle made the announcement.
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Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.