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 learned two important things working with Eccleston Law. First, I made a friend and ally with Jim and Steph for life. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Jim was referred to me by a most trusted source. I've never had to hire an attorney for anything. Now, I know the value of hiring an important partner. Meticulous, thorough and detailed in preparation is the best way to describe Jim. Brilliant too, I might add. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. One of the best life decisions I've ever made.

Howard S.

LATEST NEWS AND ARTICLES

April 17, 2024
B. Riley Financial Again Delays Filing Audited Results

B. Riley Financial Inc. has encountered a setback in filing its audited results within an extended timeframe, adding to existing pressure amid concerns raised by short sellers regarding its association with a former business partner.

April 16, 2024
Former Wells Fargo Advisor Accepts Industry Bar Amidst Misuse of Client Funds Allegations

A former advisor with Wells Fargo Advisors Financial Network (FiNet) in Chicago, Jayson R. Pocius, has agreed to accept an industry bar rather than cooperate with a
Financial Industry Regulatory Authority (FINRA) investigation into allegations of misusing client funds.

April 15, 2024
Commonwealth Financial Network Faces Potential Damages Amid SEC Lawsuit

Commonwealth Financial Network is under fire, as it faces potential damages amounting to $111.5 million from a Securities and Exchange Commission (SEC) complaint filed nearly five years ago.