Eric V. Bartoli

Eric V. Bartoli

Nationality: Peruvian-American

Position: Founder, Cyprus Funds Inc.

Crime: Eric Bartoli operated a large-scale Ponzi scheme that took place between 1995 and 1999. He created and operated Cyprus Funds Inc. in Ohio and incorporated in Central America and Belize. Bartoli and his co-conspirators sold certificates of deposit and unregistered mutual funds. In 1999, Bartoli was sued by the Securities and Exchange Commission (SEC), but did not appear at his scheduled court hearing. He was on the run for more than 10 years.

Losses: Through Cyprus, Bartoli raised over $65 million from an estimated 800 investors in Latin America and the United States, many of which were retirees.

Charges/Sentencing: On October 15, 2003, Bartoli received a 10-count federal indictment including conspiracy, securities fraud, sale of unregistered securities, wire fraud, mail fraud, money laundering, and attempted income tax evasion. Bartoli was featured on American Agreed: The Fugitives and was memorialized on a “Wanted by the FBI” poster. Through a team of Cleveland and international FBI resources working closely with Peruvian authorities, Bartoli was arrested in Peru. He is set to appear in an Akron court to face trial.