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Florida Business, Whistleblower, & Securities Lawyers / Blog / Fraud / Prosecutors Seek 22-Year Prison Sentence for Diamond

Prosecutors Seek 22-Year Prison Sentence for Diamond

Following the 14-year prison sentence handed to Ponzi schemer Art Nadel, prosecutors are now seeking a longer sentence for a fellow Southwest Florida fraudster. Prosecutors will be asking the court to sentence Beau Diamond to between 17 ½ and 22 years in prison. This prison term will be in addition to the forfeiture money judgment of $37.7 million against Diamond. Prosecutors will also request the forfeiture order be incorporated into Diamond’s sentence, and that the court retain jurisdiction over money or property which could serve as a substitute asset. The trustee in Diamond’s bankruptcy case will be on a similar mission of finding assets for jilted investors.
Prosecutors cite to the egregiousness of Diamond’s scheme and the profile of a large number of his investors as justification for the heavy recommended sentence. Among those investors highlighted by the prosecution were a husband and wife, battling multiple sclerosis and cancer, and whose sole source of income came from their investment in Diamond Ventures. Despite communications from the couple emphasizing the need for safety in their investments, Diamond continually lied, telling them that their money was “in the safest place in the world.”

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