Tr?id=566623520170033&ev=PageView&noscript=1

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
Quotes Bigger

You guys are good!

Mike L.

LATEST NEWS AND ARTICLES

1793209405 Law
October 28, 2026
FINRA Panel Orders Kingswood Capital Partners and Executives to Pay Former Advisor $11.3 Million

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Kingswood Capital Partners LLC, CEO Michael Nessim, and Chief Compliance Officer Mohamed Alsoraimi to pay former advisor Rikin Patel $11,341,369.25.

1793123026 Law
October 27, 2026
CFTC Seeks Public Comment on Proposed Crypto Asset Regulatory Framework

The Commodity Futures Trading Commission (CFTC) has issued an Advanced Notice of Proposed Rulemaking (ANPRM) seeking public comment on a potential regulatory framework for retail commodity transactions involving crypto assets, which the agency calls "CTXs." According to the CFTC's press release, the initiative focuses on Section 2(c)(2)(D) of th...

1793034027 Law
October 26, 2026
FINRA Bars Former Wedbush Broker Over $3.5 Million in Complex ETP Losses

The Financial Industry Regulatory Authority (FINRA) barred former Wedbush Securities broker William H.