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Florida Man Indicted in Ponzi Scheme
Florida Man Indicted in Ponzi Scheme
WASHINGTON – A former Gainesville man has been indicted on conspiracy, mail fraud, and wire fraud charges in connection with his participation in an investment fraud scheme, announced Assistant Attorney General Lanny A. Breuer of the Criminal Division and U.S. Attorney Robert E. O’Neill of the Middle District of Florida.
David R. Lewalski, 47, was originally charged by a criminal complaint and arrested on November 4, 2010. If convicted, Lewalski faces a maximum penalty of 20 years in prison on each of the four counts in the indictment.
According to court documents, Lewalski and one or more coconspirators allegedly solicited money from investors in Florida and throughout the country based on false statements that Lewalski could earn them up to 10% interest per month through trading in the foreign currency (forex) market. Based on these and other fraudulent promises, Lewalski and his coconspirators allegedly took in approximately $30 million from hundreds of investors in Florida and across the country.
Court documents allege that Lewalski invested only a small portion of these investor funds in trading activities and generated little if any profits trading foreign currency. Lewalski made "interest payments" totaling approximately $15 million to investors using other investors’ money. According to court documents, Lewalski spent lavishly on himself, his friends and his family, spending millions of dollars leasing real estate and private jets, and purchasing luxury automobiles, clothing and jewelry.
President Barack Obama’s Financial Fraud Enforcement Task Force is also involved in the case. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who work together to investigate and prosecute financial crimes.
The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.
An indictment is merely a formal charge that a defendant has committed a violation of the federal criminal laws. Every defendant is presumed innocent unless, and until, proven guilty.
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Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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