South Florida Sun-Sentinel reported that 25-year-old Donald French Jr. is facing a wire fraud charge
in connection with a $10 million Boca Raton
Ponzi scheme. French is accused of devising the Ponzi scheme from Boca Raton when he
was only 21 years old.
According to court records, French admitted that he used his D3 Capital
Management LLC to lure in investors with promises of returns as high as
50 percent on investments in emeralds, foreign currencies, and an overseas
alternative-energy project. Instead, it is believed that French invested
only a small amount of his clients’ cash; he allegedly used the
rest to travel around the world and gamble hundreds of thousands of dollars
away at casinos. French apparently also had obtained permanent resident
status in Rome and was living there with his fiancée and daughter.
FBI Special Agent Daniel Szczepanski stated, “French said he was
able to induce investors to invest because of his ability to lie and manipulate
people through his ‘gift of gab.’” French apparently
has some acting experience and has a resume posted on the website of an
Italian casting agency.
French was apprehended earlier this year in South Africa and initially
sent to Las Vegas to face changes for passing $750,000 in bad checks at
casinos, including $600,000 at The Cosmopolitan of Las Vegas. In that
case, he was sentenced to a maximum of 30 months in prison as part of
a plea deal.
The arraignment in the Ponzi scheme case was set for November 2nd in West Palm Beach. French was being held without bond.
If you or a loved one has lost money in a Ponzi scheme, please speak with
securities fraud lawyer for more guidance. Give us a call today, and we would be happy to meet
with you in a completely free, no-obligation legal consultation to discuss