Tuesday, February 16, 2010

Broker Pleads Guilty to $2 Mil Ponzi Scheme

A former Ponte Vedra Beach financial broker pleaded guilty this afternoon to using $2 million he stole from 22 elderly investors to pay for cars, credit card purchases and other luxury items.

Michael Joseph DiMare, 51, pleaded guilty to mail fraud for selling 22 people fake investment opportunities he said would show quarterly returns of about 8 percent. Many of the investors in what became a Ponzi scheme were from Northeast Florida, including some in their 80s.

One 87-year-old woman invested about $1.4 million with DiMare and had $72,000 stolen, said Assistant U.S. Attorney A. Tysen Duva.

Duva told U.S. Magistrate Thomas Morris that DiMare is now under further investigation following allegations of his involvement with bank fraud, but details were not provided.

DiMare was freed after signing for a $100,000 unsecured bond and promising to look for work and not attempt to seek investments from anyone. He faces up to 20 years in prison on the mail fraud charge.

Full Article and Source:
Former Ponte Vedra Beach Broker Accused of Bilking Elderly Out of $2Mil in Ponzi Scheme


Anonymous said...

I swear, I just don't know how these people can sleep at night...

StandUp said...

At least he pleaded guilty and saved some trial expense.

Randy said...

Another bad broker - another ponzi scheme. It's all too common.

Mae Eliz said...

2 Million? Why does anyone need so much money? Why not just live honest hardworking lives with love for your fellow mankind and in peace?
Don't take what doesn't belong to you!!!