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Florida Business, Whistleblower, & Securities Lawyers / Blog / Ponzi Scheme / Diamond Convicted on 18 Counts in Federal Court

Diamond Convicted on 18 Counts in Federal Court

Last Wednesday, following an eight-day federal court trial in Tampa, Beau Diamond was convicted on 18 counts, including wire fraud, mail fraud, and illegal monetary transactions. His sentencing is now scheduled for October 7th, but his attorney intends to appeal the verdict.

Diamond perpetrated a Ponzi scheme where he convinced upward of 200 investors that he had discovered a method of making money off the foreign exchange markets. Diamond continuously boasted about how profitable his system was. In contrast, evidence at trial illustrated that in his three years of trading, Diamond lost money all three years and kept the scheme going by soliciting new investments.

Many of Diamond’s investors were divorced or widowed women who had little to no financial acumen. One such widow from Sarasota transferred around 75% of her savings to Diamond. A Bradenton attorney, who still represents some of the victims, says many of these investors lost substantial parts of their life savings and found themselves in foreclosure because they relied on Diamond’s promises of guaranteed financial returns.

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