Former CEO of Oasis International Group Ltd on Longboat Key Court Charged in $72 Million Ponzi SchemeFriday, February 7, 2020
Michael DaCorta, the former Chief Executive Officer of Oasis International Group Ltd., an investment firm in Longboat Key, Florida, was recently indicted for allegedly operating a Ponzi scheme that defrauded $72 million from its clients.
According to the U.S. District Court in Tampa, DaCorta was indicted on one count of conspiracy to commit wire fraud and mail fraud, and one count of illegal money transaction. DaCorta, Oasis International’s former president, Joseph Anile II and others were accused of misappropriating the majority of the millions of dollars they raised from approximately 700 investors, and losing the rest in forex trading (i.e. selling one currency while simultaneously buying another). Federal court documents state $28.9 million was used for Ponzi payments, while DaCorta, Anile, and others allegedly used an additional $6.9 million to pay for vacations, sports tickets, college tuition and other personal expenses. Another $7.8 million of investor funds were used to purchase homes in Lakewood Ranch for DaCorta, Anile, an Oasis principal, and for their office on Longboat Key.
DaCorta was arrested in December 2019 and released without bail after surrendering his passport. Many of the luxury assets will be sold to help investors recover some of their money.
If you invested and lost money in the Oasis International Group alleged Ponzi scheme at the advice of a broker, attorney, insurance agent, financial advisor, or CPA, you may be able to recovery your losses. Since 1998, the experienced attorneys at ChapmanAlbin LLC have been fighting for victims of investment fraud and broker misconduct. Call us today at 1-877-410-8172 for a free consultation.