Laguna Niguel man suspected of bilking traders, largely mates or acquaintances, of $1.8 million – Orange County Register
A Senegalese nationwide dwelling in Laguna Niguel was arrested on Thursday, June 1, on suspicion of orchestrating a $1.8 million funding scheme wherein he used the funds to help his extravagant life-style, federal authorities mentioned.
Amadou Kane Diallo, 44, portrayed himself as a profitable entrepreneur to 11 victims, largely mates or acquaintances, who believed they’d reap the advantages of his enterprise successes with little danger, mentioned Thom Mrozek, a spokesman for the U.S. Lawyer’s Workplace.
Diallo additionally generally bragged to potential traders that he was one of many richest males in Africa, in line with authorities and an indictment in help of the costs. He was charged with 19 counts of wire fraud and two counts of cash laundering, Mrozek mentioned.
Diallo was the CEO of Digital Advisors and Liquide – each primarily based in Newport Seaside. From 2015 to about January 2020, he proclaimed himself a “self-made millionaire” and used these companies to solicit investments for varied efforts, together with in know-how, well being care, actual property, residence possession and repair to the African diaspora, the indictment alleges.
He allegedly lied to the traders by telling them he had beforehand raised tons of of tens of millions of {dollars} for a real-estate funding fund, Mrozek mentioned.
The traders signed one-year promissory notes that “falsely assured a minimal 10% return on funding and return of principal,” the indictment mentioned.
Diallo used the funds to pay lease on his residence and purchase luxurious automobiles, garments and fancy dinners, Mrozek mentioned. He additionally hosted occasions for international authorities officers.
He by no means paid out any returns.
Diallo was arrested at his Laguna Niguel residence, Mrozek mentioned. Authorities seized a Ferrari SF90 Stradale, a Rolls-Royce Phantom, a Vary Rover, a $12,500 Harry Winston ring and a brokerage account with about $500,000 in shares, Mrozek mentioned.
