Amadou Kane Diallo, Investment Fraud, California 2024

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Amadou Kane Diallo Charged with $1.8M Investment Fraud, Santa Ana CA, 2024

An Orange County-based businessman who portrayed himself as a wealthy and successful entrepreneur has been arrested on federal charges alleging he solicited investments under false pretenses.

Amadou Kane Diallo, 44, a Senegalese national living in Laguna Niguel, was arrested at his residence this morning by FBI special agents. Diallo is expected to be arraigned on a 21-count indictment this afternoon in United States District Court in Santa Ana.

The federal grand jury indictment unsealed today alleges that Diallo fraudulently obtained more than $1.8 million from at least 11 victims who thought their investments would allow them to reap the benefits of Diallo’s supposed business successes while facing little to no risk.

Diallo was the CEO of two Newport Beach-based companies – Virtual Advisors LLC and Liquide, Inc. – which he allegedly used to solicit investments in purported business opportunities related to various sectors and topics, including technology, healthcare, real estate, home ownership and service to the African diaspora.

Contrary to his representations to victims, Diallo allegedly used most of the investment funds for his own extravagant lifestyle, which included making rent payments on his residence, purchasing or making payments on luxury vehicles, buying clothes and fancy dinners, and hosting lavish events for foreign government officials.

In conjunction with Diallo’s arrest, authorities seized a number of items related to allegedly fraudulent conduct, including three late model luxury vehicles – a Ferrari SF90 Stradale, a Rolls-Royce Phantom and a Range Rover – a Harry Winston ring worth approximately $12,500, and a brokerage account containing about $500,000 worth of stocks.

The indictment charges Diallo with 19 counts of wire fraud and two counts of money laundering. If convicted, he faces a maximum penalty of 20 years in federal prison on each of the wire fraud counts and a maximum penalty of 10 years in prison on each of the money laundering counts.

For more information on this case or to report any potential victim, please contact the Fraud Section’s Victim Witness Unit toll-free at (888) 549-3945 or by email at victimassistance.fraud@usdoj.gov.