The owner of a Florida (USA) company that offered profitable investments to people with good credit has been sentenced to 9 years in prison for defrauding, through an elaborate Ponzi scheme, more than $6 million from his victims (28.536 million Colombian pesos), the prosecutor’s office reported this Thursday. Southern Federal District.
David J Farrona 56-year-old resident of Weston, in Broward County, north of Miami, was also ordered to pay more than $3.5 million in restitution and must turn over his home and Covid-19 aid money that he also Obtained fraudulently.
Judge Ragh Singhal ordered the forfeiture of Varun’s property and bank account, reflecting aid money his company fraudulently received — about $650,000 — thanks to the Care Act (as the coronavirus aid package, Relief and Economic Security) was known.
These government loans were intended to keep small businesses afloat and retain employees during the pandemic.
Varunni, who pleaded guilty to a crime “conspiracy to commit wire fraud”from 2018 to 2021 through his company, Credit Engineers, a “A short-term investment program linked to a so-called hedge fund that guarantees investment returns and pays them off in full in 36 months or less.” According to the statement.
To obtain the funds, Varrone helped the victims apply for high-interest, short-term, and victim loans “rented” Proceeds to Credit Engineers and Varrone.
but in fact, “There was no hedge fund and the victims’ money was not invested as promised.”
Instead, the proceeds were used to enrich Varrone and pay compensation to former victims.
The Ponzi scam transferred more than $6.4 million in victims’ money to Varrone’s accounts.
Farron’s wife, Sherry D. Farron, also pleaded guilty in this case to embezzlement through a Ponzi scheme.
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