In a short period of time, former Gainsville resident David R. Lewalski and his co-conspirators defrauded hundreds of investors throughout the nation in a $30 million Ponzi scheme. Lewalski and cohorts convinced investors they could earn as much as 10 percent a month by letting him invest their money in foreign currency markets. What sounded too good to be true was just that.
Of the $30 million from investors, Lewalski only invested $2.9 million. Those investments yielded little to no return. Lewalski used some of the remaining $27 million to create false profits to maintain the appearance of profitability. He used the rest of the money to buy himself, his family and his friends millions of dollars worth of real estate, private jets, luxury cars and jewelry. For some time, no one was the wiser.
However, the house of cards collapsed in December 2010 when Lewalski was indicted on 17 federal criminal charges. In July 2011, he pled guilty to one count of mail fraud in a Florida federal court. As part of the plea agreement, prosecutors dismissed the remaining 16 counts of mail and wire fraud.
Lewalski's sentencing hearing is schedule for October 31, 2011. He faces a maximum prison term of 20 years, but must also pay back $30 million he stole from the victims. Had Lewalski not cut a deal with prosecutors, his sentence would have been significantly worse.
If you or a loved one has been charged with mail or wire fraud, contact an experienced defense attorney who will fight for your rights and work to protect your future.
