Florida’s Wealth Has Been The Target of Ponzi Schemes

Posted on April 18th, 2014 at 9:00 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

According to an analysis of the “Madoff Era”, Florida ranked second in the nation with 54 schemes uncovered since 2008, and third in the combined value of those losses totaling more than $50 billion. Ponzi schemes in Florida ripped off at least $5 billion from hundreds of unsuspecting investors.

Topping the list in Florida were a pair of Fort Lauderdale brothers, who swindled investors out of $1.25 billion.

Three Sarasota-based Ponzi scheme also made the list. First, Arthur Nadel ranks sixth on the list. He ran a hedge-fund scheme in downtown Sarasota for nearly 10 years, cheating 350 investors out of more than $160 million. Second, the Sarasota couple, Marian and John Morgan, and their money management firm ranked 20 for their Ponzi scheme in bilking 87 investors out of as much as $28 million to finance a lavish lifestyle. Third, trader Beau Diamond and his Diamond Ventures firm, a Lamborghini-driving “trading club” manager, swindled investors through a Sarasota-based Ponzi valued at $38 million.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston


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