Florida Man Charged With Fraud Over Two Multimillion-Dollar Schemes

Florida Man Charged With Fraud Over Two Multimillion-Dollar Schemes

An owner and partner of various investment companies, Joseph Del Valle, was sentenced on Wednesday in Manhattan federal court to 98 months in prison for wire fraud and aggravated identity theft charges for operating two fraudulents schemes that resulted in more then $5 million in investor losses. Del Valle pleaded guilty on February 8, 2016, and was sentenced by United States District Judge Richard M. Berman.

Manhattan U.S. Attorney Preet Bharara stated: “Joseph Del Valle defrauded investors out of millions of dollars, taking money meant for investments and instead spending it on himself on luxury vacations, fine dining, and personal expenses. To fool investors who thought they were investing in wine, restaurant and hotel businesses, Del Valle fabricated emails purported to be from well-known chefs and business people.”

In addition to the prison sentence, Del Valle, 61, of Aventura, Florida, was sentenced to five years of supervised release. The Court further ordered that Del Valle forfeit $5,333,722 and pay $5,333,722 in restitution.

Mr. Bharara praised the work of the FBI.

This case us being handled by the Office’s Securities and Commodities Fraud Task Force. Assistant U.S. Attorneys Aimee Hector and Damain Williams are in charge of the prosecution.