Florida Man Sentenced to 10 Years for $15M Investment Scam

Florida Man Sentenced to 10 Years for $15M Investment Scam

Orlando, FL – Andres Fernandez, a 38-year-old Orlando resident, has been sentenced to 10 years in federal prison for orchestrating a multi-million dollar investment fraud scheme that defrauded at least 81 victims out of millions of dollars.

Fernandez, the mastermind behind Kadaae Entertainment Corporation and Kadaae LLC, solicited individuals to invest in concert events that he claimed were being produced by his companies. He promised a return of up to 100 percent on the investments, using fake contracts and other false documents to convince victims that he and his companies were under contract to produce the events.

However, neither Fernandez nor his companies were involved in most of the events he had solicited to his victims. Fernandez used the funds sent by investors for his own personal use and to pay fraudulent investment returns to earlier investors.

According to court documents, Fernandez pleaded guilty to 12 counts of wire fraud on August 6, 2019. As part of his sentence, the court entered a money judgment of $14.98 million, representing the losses suffered by the victims of Fernandez’s fraud scheme.

The investment scheme targeted individuals who were looking to make a quick profit by investing in concert events featuring high-profile artists such as Julio Iglesias, Pitbull, Nicky Jam, Garth Brooks, Ana Gabriel, and Drake.

The case was investigated by the Federal Bureau of Investigation and prosecuted by Assistant United States Attorney Chauncey A. Bratt.

Fernandez’s sentencing serves as a warning to individuals who engage in similar schemes, and highlights the importance of doing thorough research before investing in any opportunity.

The victims of Fernandez’s scheme are still waiting for justice, and the sentencing of the defendant brings a measure of closure to this case.