Naples man headed to prison for $8M fraud

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FORT MYERS, Fla. – A Naples man was sentenced on Monday to more than six years in federal prison for defrauding 111 investors of $8 million, the Department of Justice said.

Dorian Garcia, 31, purchased extravagant artwork, hired servants and a personal chef in addition to paying for his rent and luxurious cars with money acquired from his victims, authorities said.

He schemed people out of investments between February 2009 and April 2015, according to DOJ, promising investors a return on their investments using fake bank statements. Garcia used five of his companies: DG Wealth Management (“DG Wealth”), Macroquantum Capital LLC (“Macroquantum”), Commodity Projections and Predsyst LLC, and UKUSA Currency Fund LP (“UKUSA”), DOJ said.

Investors gave Garcia approximately $5 million, which Garcia was able to use to make a $3.1 million profit, according to DOJ.

The money Garcia did not use for personal expenses, was returned to investors as trading profits, though they were actually just additional funds from new investors, authorities said.

Garcia’s investors began to ask for their money back, but he failed to pay them and instead encouraged them to make new contracts with him, DOJ said.

The court is going to take all of Garcia’s artwork plus a $10,000 fee paid to a law firm, DOJ said.

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