Further arrests
In May, four men were arrested on suspicion of fraud as part of the investigation in Providence.
The men were not named and a local law enforcement spokesman said at the time: “Due to the ongoing nature of this investigation, we are unable to give any further details at this time.”
No details about the four men or the charges they face have been released.
Brazil investment
Lumiere’s clients, along with others, invested money in a Providence fund that loaned money to the firm’s factoring company in Brazil for between 30 and 180 days.
The short-term debt was purchased at a discount of more than 2% per month with the returns collected at par.
The minimum investment in the fund was $50,000, €37,500, or £30,000.
