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A South Florida Haitian-American radio personality has been arrested for operating an alleged Ponzi scheme with consistent returns to investors.

Philippe Bourciquot was charged with racketeering, securities fraud, grand theft and money laundering, the Florida Office of Financial Regulation and the Florida Department of Law Enforcement said Thursday.

Financial Regulation Commissioner Drew J. Breakspear said the scheme cost many Haitian-Americans their hard-earned money with empty promises of better-than-bank-rate returns.

Bourciquot is accused of using his radio show to solicit victims by promising 8 percent monthly returns and purportedly “guaranteeing” investors could not lose. The state investigation revealed much of the investors’ money was used to pay previous investors and Bourciquot himself.

“His victims supported his lavish lifestyle,” FDLE Commissioner Gerald Bailey said. “I regret that a large portion of the funds will be unrecoverable.”

The state agencies did not release an estimated loss.