Michael DaCorta of Florida has been ordered to pay over $61 million in restitution and penalties for his role in a fraudulent foreign currency trading scheme, according to a December 20, 2023 announcement by the Commodity Futures Trading Commission (CFTC). U.S. District Judge Virginia Covington of the Middle District of Florida issued a summary judgment order on December 6, and consent orders on December 15, against DaCorta and several other individuals and entities involved.
The CFTC complaint alleged violations of the Commodity Exchange Act (CEA) and related regulations. The court found that DaCorta operated a scheme that defrauded approximately 800 investors out of over $80 million, which was channeled through Oasis International Group, Limited (OIG), Oasis Management, LLC (OM), and Satellite Holdings Company (SHC) for leveraged retail forex trading.
DaCorta is required to pay $53,270,336.08 in restitution and a $8,453,628.48 civil monetary penalty – triple the amount of his personal gain from the fraudulent activity. The court emphasized the severity of his repeated violations of the CEA, his lack of acceptance of responsibility, and the fact that he was already subject to a 2010 settlement with the National Futures Association (NFA) prohibiting certain trading activities.
Notably, DaCorta was criminally convicted in May 2022 of conspiracy to commit wire and mail fraud, illegal monetary transactions, and filing a false tax return related to the Oasis entities. He is currently serving a 23-year prison sentence.
In addition to DaCorta, consent orders were entered against Joseph Anile and Frank Duran of Florida, Raymond Montie of Pennsylvania, and John Haas of New York, as well as the corporate entities OIG, OM, and SHC. These settling defendants misappropriated over $46 million and lost more than $21 million trading retail forex. They are collectively responsible for the $53,270,336.08 in restitution. Anile, Duran, Montie, and Haas also face individual civil monetary penalties and disgorgement payments totaling millions of dollars.
The scheme, which ran from approximately April 2014 through April 2019, involved soliciting investors through in-person meetings and conference calls with promises of high returns. DaCorta and the others falsely claimed annual profits exceeding 20% and guaranteed returns of at least 12%, according to the court findings.
Source: CFTC.gov
Related Federal Cases
- Gary D. Martin, Forex Fraud, Florida 2011 · Pennsylvania
- Michael R. Synychak, Illicit Vape Sales, Florida 2023 · Pennsylvania
- Efrain Betancourt Jr., Money Laundering and Wire Fraud, Florida 2024 · Pennsylvania
- Esteban Cabrera Da Corte, Wire Fraud, Florida 2022 · Florida
- Agwel Fayette, Tax Refund Fraud, Virginia 2024 · Florida
