Robert Andres, a Houston-based investment manager, pled guilty to a $72 million Ponzi scheme on August 21, 2013. As part of a plea agreement with the U.S. Department of Justice, he has pled guilty to one count of wire fraud. Mr. Andres admitted that he carried out a Ponzi scheme, fraudulently raising $72 million from investors through his Winsome Investment Trust outfit, according to court records and the FBI.
According to the indictment, Robert Andres recruited investors for Winsome Investment Trust by misrepresenting fund assets and investment allocation, and the way funds were invested. Allegedly, Mr. Andres raised more than $39 million from Winsome investment Trust clients between October 2005 and April 2007 by disseminating false and misleading balance sheets. He also told clients that he would invest all their funds in a trading program or a mostly automated trading business.
According to a filing made by the U.S. Commodity Futures Trading Commission in January 2011, Mr. Robert Andres had "fraudulently solicited and accepted" money from at least 240 investors to participate in US Ventures LLC, a commodities pool based in Salt Lake City.
He was first arraigned in December 2011, on five counts of wire fraud. Three of the counts involved wire transfers to a Winsome Investment Trust banking account in Texas from a banking account in Utah controlled by an investor. The largest transfer of money was $50,000. Mr. Andres was later released on $100,000 bond. Andres was arrested for violating his pre-trial terms in July 2012 and was later released with modified terms of release.