Michael DaCorta

Date:

February 7, 2020

Type of alert:

Ponzi Scheme  

Michael DaCorta, the former Chief Executive Officer of Oasis International Group Ltd., an investment firm in Longboat Key, Florida, was recently indicted for allegedly operating a Ponzi scheme that defrauded $72 million from its clients.

According to the U.S. District Court in Tampa, DaCorta was indicted on one count of conspiracy to commit wire fraud and mail fraud, and one count of illegal money transaction. DaCorta, Oasis International’s former president, Joseph Anile II, and others were accused of misappropriating the majority of the millions of dollars they raised from approximately 700 investors, and losing the rest in forex trading (i.e. selling one currency while simultaneously buying another). Federal court documents state $28.9 million was used for Ponzi payments, while DaCorta, Anile, and others allegedly used an additional $6.9 million to pay for vacations, sports tickets, college tuition, and other personal expenses. Another $7.8 million of investor funds were used to purchase homes in Lakewood Ranch for DaCorta, Anile, an Oasis principal, and for their office on Longboat Key.

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