By Shelley Rossetter, Times Staff Writer
Wednesday, December 22, 2010
TAMPA — A Sarasota man who operated a $37 million Ponzi scheme between 2006 and 2009 was sentenced Wednesday to more than 15 years in federal prison.
In July, a Tampa federal jury found Beau Diamond guilty of 18 counts of fraud and money laundering crimes in association with the scheme.
Through his company, Diamond Ventures, Diamond promised almost 200 investors up to a 5 percent monthly return and guaranteed security for purportedly trading their money in foreign exchange currency markets. Diamond lost $15.4 million, used some to perpetuate the fraud and took about $7 million for his own use, spending it on gambling, a Lamborghini and more.
Diamond kept his complex scheme going for 32 months through the use of lies, prosecutors wrote in a sentencing memorandum.
"Charles Ponzi himself would have been proud of Diamond's efforts," they ...