Loading
NAPLES — A federal judge sentenced Dorian Garcia, 31, of Naples, to more than six years in prison after he scammed $8 million from investors and used part of the money for lavish personal expenses.
Garcia only invested a small portion of the funds he received from investors for six years starting in February 2009, according to a statement from the U.S. Attorney's office, citing a plea agreement.
When customers gave Garcia money to invest, he sent them false trading statements reflecting he had earned trading profits. Instead, Garcia used a greater portion of investors' funds to repay other investors and also spent the money for personal and business expenses, including artwork, rent, luxury car payments, domestic help including a personal chef, jewelry and dinner parties.
Garcia solicited more than $8 million from 111 investors by guaranteeing their initial investment and promising a specific return, the U.S. Attorney's office says. Garcia scammed his victims through a number of companies he controlled, including DG Wealth Management, Macroquantum Capital, Commodity Projections and Predsyst, and UKUSA Currency Fund.
As part of the scheme, Garcia presented investors with false bank statements indicating large account balances, when in fact the true amounts were a small fraction of what Garcia claimed to be in the accounts, and were insufficient to support the guarantees he had promised, authorities say.
In addition to the prison time, U.S. District Judge Sheri Polster Chappell ordered Garcia to pay $5 million in restitution to his victims and $3.1 million from the proceeds from the scheme.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
