The architect of a multi-million dollar Ponzi scheme in Sarasota has been found guilty of bilking investors out of $37 million.
After an eight-day trial, a Tampa federal jury found 32-year-old Beau Diamond guilty on 18 counts of fraud and money laundering-related crimes, according to a U.S. Attorney’s Office press release.
The jury found between 2006 and 2009, Diamond — through his Sarasota company, Diamond Ventures, LLC — made false promises to investors of monthly returns of 2.75 to 5 percent. Diamond then used other investors’ money to pay previous investors interest payments. He faces 20 years in prison, but a sentencing date for Diamond has not been set.
Diamond’s conviction come on the heels of the admission by disgraced Sarasota investor Arthur Nadel of a similar Ponzi scheme in the same financial circles. Media outlets began referring to Nadel as Florida’s “mini-Madoff,” referring to the massive New York Ponzi scheme of Bernie Madoff.
Nadel, 77, pleaded guilty in February to stealing $100 million from investors from 1999 to 2008 in his Ponzi scheme. He is scheduled to be sentenced in September.