The 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 an experienced 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 your options.