A graduate of Harvard Business School has been arrested on multiple fraud charges after allegedly defrauding fellow alumni out of more than $4 million in a Ponzi scheme. Vladimir Artamonov, 46, was apprehended in Elkridge, Maryland, and faces charges including securities fraud and wire fraud stemming from actions taken between September 2021 and February 2024.
According to an indictment unsealed in Manhattan federal court, Artamonov lured investors—many of whom were his former classmates—with promises of significant returns while minimizing risk. He purportedly assured one investor that it would be their “best investment” and that “the insight is air tight.” His tactics exploited personal relationships, creating a veneer of trust that allowed him to mislead investors.
The investigation into Artamonov’s activities began when a tragic incident drew attention to his scheme: a fellow investor ended his life after discovering he had lost $100,000 in investments. New York Attorney General Letitia James noted that even seasoned investors can fall victim to deceitful schemes, particularly when fraudsters manipulate established networks to generate a false sense of security. Artamonov allegedly leveraged his status as a Harvard alumnus to present himself as a legitimate investment advisor.
The indictment elaborates on how Artamonov claimed he could anticipate substantial gains by analyzing specific public insurance filings, particularly those related to Berkshire Hathaway Inc. However, instead of acting on these claims, he placed investments in high-risk short-term options, frequently losing money soon after receiving investors’ funds. He reportedly reassured investors by promising imminent profits and even hinted that they would soon “brag” about their “crazy gains” at an upcoming school reunion.
As investors sought to reclaim their investments, Artamonov reportedly managed to return less than $400,000, largely by using funds from new investors to pay earlier ones—a hallmark of Ponzi schemes. The indictment asserts that much of the money was lost or misappropriated for Artamonov’s personal expenditures, including lodging and entertainment.
Christopher G. Raia, head of the FBI’s New York office, condemned Artamonov’s actions, stating he exploited the reputation of both the university and an investment company to garner funds. U.S. Attorney Jay Clayton emphasized the betrayal felt by investors, many of whom were once friends and classmates of Artamonov.
Following his arrest, Artamonov appeared before a federal magistrate in Maryland and was released on $300,000 bail, with the stipulation that he must refrain from contacting victims and potential witnesses involved in the case. At this time, responses to inquiries sent to Harvard and Artamonov’s legal representative have not been received. The details surrounding this case remain under investigation as authorities seek to address the broader implications of trust and fraud within alumni networks.
