September 3, 2015- Miami, Florida
An FBI Press Release reports that Joseph P. Zada, 57, of Grosse Pointe Shores, Michigan, and Wellington, Florida, was found guilty of 15 counts of mail fraud in a $50 million Ponzi scheme lasting over 10 years.
The victim investors were told that their money was being invested in oil and currency trading through a top-secret board headquartered in London. Actually the money was never invested, but was spent by Zada on jets and mansions in Florida and Michigan.
Ada faces up to 20 years for each of the 15 counts. Sentencing is set for later this year.
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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