Sarasota man behind $80M Ponzi scheme gets decades in prison

57-year-old convicted of conspiracy to commit wire fraud and mail fraud and money laundering sentenced to federal prison for “insidious scheme.”

By Louis Llovio
| 5:30 p.m. October 21, 2022
| 0 Free Articles Remaining!

Six vehicles that were seized by federal authorities (U.S. Department of Justice)

Manatee-Sarasota

Michael J. DaCorta, a 57-year-old Sarasota man convicted of running an $80 million Ponzi scheme, has been sentenced to 23 years in federal prison and was ordered to pay $52 million in restitution to victims.

The former head of a Longboat Key financial firm was sentenced by U.S. District Judge William F. Jung after being found guilty in May of conspiracy to commit wire fraud and mail fraud, money laundering and filing a false income tax return. The court also ordered he forfeit $2,817,876.16.