Couple indicted after allegedly buying Audi with investors' money

NEWARK — Federal authorities have indicted a West New York couple on allegations of running a Ponzi scheme that duped about 20 investors out of $500,000.

Alcibiades Cifuentes, 34, and his wife, Jennifer Wee Cifuentes, 36, allegedly used their company, Cifuentes Fund Management, to convince people their money was being invested in foreign currency and commodity markets, Acting U.S. Attorney William E. Fitzpatrick said in a release Friday. Instead, he said, the couple would use the money to buy personal items, like an Audi R8 and jewelry.

Authorities say the couple paid back a portion of the investors’ money using funds …read more

Source: NJ.com Essex

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