Thursday, September 3, 2009

Owner of Diamond Ventures Arrested for Wire Fraud and Money Laundering

According to this article in the Herald Tribune Beau Diamond from a Sarasota based Diamond Ventures group was recently charged with money laundering and wire fraud. Officials claim that he operated his venture like a Ponzi scheme, using investors' money to make profit payments to other investors and collecting about $38 million from over 200 people. $6.6 million of those funds were used for personal expenditures including a waterfront condominium, a Lamborghini Gallardo, and vacations. The FBI have been investigating Beau since early January.

Share this article with your social network, just click below to share now!

No comments: