Joseph Del Valle, Wire Fraud and Aggravated Identity Theft, New York 2023
A Florida man, Joseph Del Valle, has been convicted of operating two multimillion-dollar fraud schemes in Manhattan federal court.
Del Valle, an owner and partner of various investment companies, pleaded guilty to wire fraud and aggravated identity theft charges for operating two fraudulent schemes that resulted in over $5 million in investor losses.
District Judge Richard M. Berman accepted Del Valle's guilty plea to a four-count indictment.
Del Valle convinced his clients to invest millions of dollars in his real estate and restaurant projects, but instead used the funds for personal expenses and other investments, Manhattan U.S. Attorney Preet Bharara stated.
In the first scheme, Project Miami, Del Valle and a co-conspirator obtained approximately $6.4 million from investors for a real estate development project in Miami.
However, Del Valle transferred most of the funds to other bank accounts and used them for personal expenses, including a $30,000 trip to Europe in 2007, where he spent money on hotels, restaurants, a cruise, and cash withdrawals.
In the second scheme, Project WT/Bistro, Project Chateau & Project Rioja, Del Valle solicited investors to wire funds to various bank accounts for the purpose of investing in three purported investment projects.
Del Valle used the funds for personal expenses and other investments, and falsely told investors that their money was secure and that financial statements were being prepared.
The indictment alleged that Del Valle and a co-conspirator used over $3 million for other investments or personal expenses in the first scheme.
Del Valle's plea will ensure that he can no longer victimize any other investors, Bharara stated.
Del Valle's guilty plea is a significant victory for the victims of his schemes and highlights the importance of vigilance in protecting investors from fraudulent activity.
The case against Del Valle is part of a broader effort by law enforcement to combat financial crimes and protect the public from fraudulent activity.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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