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SunTrust International Center
Miami, Florida 33131

Florida Man Sentenced To Prison For Role Ponzi Scheme Investment Fraud Scheme

According to a report from the Miami Herald, David J. Varrone, a businessman from Broward County, Florida, is headed to prison for his role in a Ponzi scheme. His wife, Sherry D. Varrone also faces sentencing for the investment fraud case later this year. Mr. Varrone stands accused of swindling more than three dozen investors out of at least $6.5 million. Below, our Miami Ponzi scheme attorney offers comprehensive details of the case and explains the steps that you should take if you sustained losses in a Ponzi scheme.

Criminal Conviction in a Ponzi Scheme in South Florida 

David Varrone and his wife Sherry Varrone owned and operated the company The Credit Engineers Inc. As represented to investors, the company’s business model was to provide short-term loans to parties with a strong credit history. The investors were promised above-market returns over the course of three years. However, investigators determined that Mr. Varrone effectively operated a Ponzi scheme. He misappropriated more than $6 million in investor funds. Additionally, investor money was shuffled around—original investors were paid off with the money of new investors. Mr. Varone has been ordered to repay $3 million and he has been sentenced to 9 years in prison.

 What to Do If You Suffered Investment Losses in a Ponzi Scheme 

If you have suffered investment losses due to a Ponzi scheme, it can be a distressing experience that leaves you feeling financially vulnerable. Ponzi schemes involve taking money from new investors to pay back to original investors. It creates an illusion that real profits were generated. In reality, the profits represented to investors were never made. It is vital that investment fraud victims take the appropriate measures to protect their rights and their interests. Here are three key steps:

  1. Gather Documentation: Collect all relevant documents, including account statements, correspondence with the investment firm or individual, and any promotional materials you received. The information will be crucial to getting justice and financial compensation.
  2. Report the Scheme: Contact your local law enforcement agency and/or file a complaint with the appropriate government authorities, such as the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA). Reporting the matter will get the legal process moving.
  3. Consult with a Ponzi Scheme Attorney: Seek legal advice from an attorney experienced in securities fraud or investor protection. They can help guide you through the process of recovering your losses and pursuing legal action against the responsible. Ponzi scheme cases are complicated. The sooner you take action, the better your chances to recover compensation for your investment losses. 

Contact Our Miami Ponzi Fraud Attorney Today

At ​Carlson & Associates, P.A., our Florida investor rights attorney has extensive experience handling complex Ponzi scheme cases. If you or your family member suffered significant financial losses in a Ponzi scheme, we are more than ready to help. Contact our securities fraud team today to set up your fully private, no commitment initial legal consultation.

Source:

miamiherald.com/news/local/article273569020.html

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