A New York Court shut down an alleged Ponzi scheme run by a Harvard MBA who solicited more than $2.9mn from alumni of the business school. Vladimir Artamonov, a Harvard alum, used personal connections and Harvard relationships to collect money from at least 29 people for his Project Information Arbitrage fund. This fund projected returns up to 1,000 times claiming to be able to identify investments that Berkshire Hathaway would make ahead of the market. Instead, he bought unrelated short-term options that lost money, raised new funds to reimburse previous investors, and spent some of the funds on shopping and dining.
https://www.ft.com/content/c6666047-2e1d-4e10-a810-974f1fe349aa