Jury convicts Florida man in $80 million Ponzi scheme

Tampa, Fla. – A Florida man has been found guilty of running an $80 million Ponzi scheme.

Court records show that a federal jury in Tampa on Wednesday found 57-year-old Michael DaCorta guilty of conspiracy to commit wire and mail fraud and other charges.

He faces up to 33 years in prison.

DaCorta ran an investment company called Oasis International Group Ltd from November 2011 to April 2019.

According to testimonies and evidence presented at the trial, DaCorta and others convinced at least 700 victims to invest in the company, causing the victims to lose over $80 million.

Authorities say DaCorta used the victims’ money to buy expensive vehicles, million-dollar homes, and lavish trips, among other things.