Federal Jury Convicts Sarasota Advisor Over $80 Million Ponzi Scheme

Posted on May 12th, 2022 at 1:15 PM
Federal Jury Convicts Sarasota Advisor Over $80 Million Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law:

A federal jury has convicted a Sarasota-based advisor, Michael DaCorta, for conducting an $80 million Ponzi scheme. 

DaCorta, 57, now faces a 30-year prison sentence. DaCorta, who operated Oasis International Group Limited, was convicted of misappropriating nearly $80 million from at least 700 investors between 2011 and 2019. According to federal officials, DaCorta “induced victims to invest in Oasis by falsely representing to victim-investors that Oasis was reaping enormous profits by being a ‘market maker’ and collecting ‘spread’ on voluminous forex trades.” DaCorta additionally informed investors that the investments were purportedly risk-free and that Oasis was well collateralized. 

DaCorta sent investors fictitious account statements and organized an online investor portal. According to prosecutors, the online portal showed the “spread” credits “but concealed catastrophic underlying trading losses.” DaCorta used the investor funds to buy a Maserati, a country club membership, multiple million-dollar homes, college tuition for a family member as well as several flights on private jets to Europe and the Cayman Islands, according to prosecutors. Meanwhile, Oasis is in receivership as creditors and victims attempt to recover what is left. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

 
 
 

Tags: eccleston law, sarasota, ponzi scheme

Return to Archive

TESTIMONIALS

Previous
Next

I want to extend a tremendous thank you for your dedication, professionalism, hard work and patient demeanor through this challenging time. It was enjoyable interacting with everyone on your team, this certainly helped while dealing with the situation and working towards resolution.

Dan M.

LATEST NEWS AND ARTICLES

February 22, 2024
Key Considerations for Advisors When Assessing the Financial Soundness of Annuities

While rating agencies like Fitch and S&P Global Ratings generally highlight the strength of annuity issuers, advisors still should scrutinize certain factors in their assessment process.

February 21, 2024
SEC Alleges Fraud Against Morgan Stanley and Former Executive in Block Trading Business

As reported by the Wall Street Journal, the Securities and Exchange Commission (SEC) has charged Morgan Stanley & Co. LLC and its former head of equity syndicate desk, Pawan Passi, with a multi-year fraud involving the disclosure of confidential information related to block trades.

February 20, 2024
Challenges Persist: Firms Struggle to Comply with Regulation Best Interest

FINRA's annual report for 2024 reveals a concerning trend among broker-dealers, with numerous instances of violations of Regulation Best Interest (Reg BI).