Embattled leader of an alleged $75 million investment scam is set to appear in the US District Court in Tampa, on January 8, 2020 for the hearing of his sentencing in a case involving the operation of a fraudulent FX scheme.
Earlier in September, Joseph Anile has pleaded guilty to three felony counts tied to what federal prosecutors call setting up and running a retail foreign currency exchange trading firm from 2011 through 2019. The scheme bilked 700 investors through the Oasis International Group Ltd. on Longboat Key.
London Summit 2019 Launches the Latest Era in FX and Fintech – Join Now
The Commodity Futures Trading Commission (CFTC) brought the charges Oasis International’s CEO, Michael DaCorta, Oasis principals Joseph Anile II and Francisco Duran, and several other individuals in April 2019. The cases also involves two FX brands, Oasis Global FX Limited and Oasis Global FX.
The defendants cold-called victims and convinced them to invest their monies with the company in Forex markets. The fraudsters even went as far as to draft performance reports which falsely claimed their pools had achieved gross annual returns for investors of about 21 percent in 2017, and 22 percent in 2018.
Anile faces 30 years in prison
For new participants, they were assured of receiving a minimum 12 percent guaranteed annual returns, while they were actually duped into a Ponzi scheme. To support the fraud, Oasis Global FX workers sent bogus account statements to clients, falsely showing positive returns on their investments, while they actually lost $21 million and misappropriated $47 million.
The complaint alleges that they used the money to pay for exotic vacations, homes, sports tickets, college tuition, and loans to family members, among other things.
Anile, a licensed attorney and co-founder/president at Oasis, was the first person to admit his role in conspiracy to commit wire fraud and mail fraud, an illegal monetary transaction and filing a false income tax return, the court said.
If convicted, he faces more than 30 years in federal prison and up to $600,000 in penalties, although prosecutors will recommend a lesser sentence for the guilty plea and cooperation.
Source: Read Full Article