TAMPA, Fla. (AP) — A Florida man has been convicted of running an $80 million Ponzi scheme.
Court records show a federal jury in Tampa found 57-year-old Michael DaCorta guilty on Wednesday of conspiracy to commit wire fraud and mail fraud and other charges.
He faces up to 33 years in prison.
DaCorta ran an investment company named Oasis International Group Ltd. from November 2011 through April 2019.
According to testimony and evidence presented at trial, DaCorta and others persuaded at least 700 victims to invest in the company, causing victims to lose over $80 million.
Authorities say DaCorta used the victims’ money to purchase costly vehicles, million-dollar homes and lavish trips, among other items.
