September 3, 2015- Wellington Florida
The Sun Sentinel reports that Joseph Zada, 57, of Wellington, Florida and Grosse Pointe Shores, Michigan, was found guilty by a federal jury of 15 charges of mail fraud in connection with a $55 million phony investment scheme.
According to the report, Zada, a fixture in Palm Beach equestrian and social circles, convinced his victims, which include NHL star Sergei Fedorov, Olympics star Robert Dover and firefighters from Palm Beach and Martin counties, to entrust him with millions which he promised would be invested in Middle East oil projects.
According to prosecutors he spent the money on his lavish lifestyle of exotic cars, jewelry and mansions in Wellington and Grosse Point Shores where he enjoyed hosting extravagant parties.
Zada will be sentenced November 20, 2015. He faces 20 years.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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