An alleged Ponzi scheme orchestrated by a Harvard MBA alum has been dismantled by a New York court after gathering more than $2.9 million from fellow alumni.

What Happened: Vladimir Artamonov, a Harvard Business School alumnus, has been accused of deceiving investors, many of whom were individuals he met through his Harvard connections, reported Financial Times on Friday. The New York Attorney General Letitia James announced the court order to freeze Artamonov’s funds following a client’s suicide after losing $100,000.

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Artamonov, an alumnus of the prestigious Harvard Business School, reportedly used his status to garner investments for his Project Information Arbitrage fund. The fund promised returns of up to 1,000 times by reportedly forecasting investments Berkshire Hathaway would make ahead of the market from public state insurance filings.

However, Artamonov utilized these funds for unrelated short-term options, which resulted in substantial losses. He then procured additional funds to reimburse earlier investors while spending a portion on unauthorized vacations, shopping, and dining. The court has restrained Artamonov from providing financial services, engaging in fraudulent conduct, and withdrawing and transferring funds from his bank accounts.

Why It Matters: The case appears on the heels of the controversies surrounding Harvard. The college’s president Claudine Gay resigned in January due to heightened scrutiny over allegations of plagiarism in some of her published works and a controversial appearance before Congress.

The college also lost one of its mega-donors, Citadel CEO Kenneth Griffin, due to the ongoing debacle of antisemitism.

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