{"id":53257,"date":"2023-06-01T22:45:34","date_gmt":"2023-06-02T05:45:34","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=53257"},"modified":"2023-06-01T22:48:22","modified_gmt":"2023-06-02T05:48:22","slug":"calif-man-charged-in-alleged-1-8-investment-fraud-scheme","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=53257","title":{"rendered":"Calif. Man Charged in Alleged $1.8 Million Investment Fraud Scheme"},"content":{"rendered":"

SANTA ANA, California\u00a0<\/strong><\/span><\/p>\n

\"\"An Orange County-based businessman who portrayed himself as a wealthy and successful entrepreneur \u2013 sometimes bragging that he was one of the richest men in Africa \u2013 was arrested Thursday on federal charges alleging he solicited investments under false pretenses and used the investors\u2019 money to support his own high-end lifestyle.<\/span><\/p>\n

Amadou Kane Diallo, 44, a Senegalese national living in Laguna Niguel, was arrested at his residence Thursday by FBI special agents. <\/span><\/p>\n

The federal grand jury indictment unsealed today alleges that Diallo fraudulently obtained more than $1.8 million from at least 11 victims who thought their investments would allow them to reap the benefits of Diallo\u2019s supposed business successes while facing little to no risk.<\/span><\/p>\n

\"\"Diallo was the CEO of two Newport Beach-based companies \u2013 Virtual Advisors LLC and Liquide, Inc. \u2013 which he allegedly used to solicit investments in purported business opportunities related to various sectors and topics, including technology, healthcare, real estate, home ownership, and service to the African diaspora. <\/span><\/p>\n

Diallo made various representations to victims, including falsely telling some potential investors that he had previously raised hundreds of millions of dollars for another investment firm and its real estate investment fund \u2013 a claim that simply was not true, according to the indictment.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Contrary to his representations to victims, Diallo allegedly used most of the investment funds for his own extravagant lifestyle, which included making rent payments on his residence, purchasing or making payments on luxury vehicles, buying clothes and fancy dinners, and hosting lavish events for foreign government officials.<\/span><\/p>\n

In conjunction with Diallo\u2019s arrest, authorities seized several items related to allegedly fraudulent conduct, including three late model luxury vehicles \u2013 a Ferrari SF90 Stradale, a Rolls-Royce Phantom, and a Range Rover \u2013 a Harry Winston ring worth approximately $12,500, and a brokerage account containing about $500,000 worth of stocks.<\/span><\/p>\n

The indictment charges Diallo with 19 counts of wire fraud and two counts of money laundering. <\/span><\/p>\n

If convicted, he faces a maximum penalty of 20 years in federal prison on each of the wire fraud counts and a maximum penalty of 10 years on each money laundering counts.<\/span><\/p>\n

Diallo is presumed innocent unless proven guilty.<\/span><\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The FBI is conducting an ongoing investigation into this matter.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Special Assistant United States Attorney Ryan G. Adams of the Santa Ana Branch Office and Justice Department Trial Attorney William E. Schurmann of the Criminal Division\u2019s Fraud Section are prosecuting this case.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

SANTA ANA, California\u00a0 An Orange County-based businessman who portrayed himself as a wealthy and successful entrepreneur \u2013 sometimes bragging that he was one of the richest men in Africa \u2013 was arrested…<\/p>\n","protected":false},"author":1,"featured_media":7271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[473],"class_list":["post-53257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-fraud"],"yoast_head":"\nCalif. 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