☷Jury Finds Sarasota Man Guilty of Running $80 Million Oasis Forex Ponzi Scheme
Federal Bureau of Investigation ( By Press Release office)
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Jury Finds Sarasota Man Guilty Of Running $80 Million “Oasis” Forex Ponzi Scheme Tampa , Florida –United States Attorney Roger B . Handberg announces that following a 13 - day trial , a federal jury has found Michael J . DaCorta ( 57 , Sarasota ) guilty of conspiracy to commit wire fraud and mail fraud , money laundering , and filing a false income tax return . DaCorta faces a combined maximum penalty of 33 years in federal prison . A sentencing date has not yet been set . DaCorta had been charged in a superseding indictment in February 2021 . According to testimony and evidence presented at trial , from November 2011 through April 18 , 2019 , DaCorta ran an investment company named Oasis International Group , Ltd . ( “OASIS” ) . DaCorta and his co - conspirators persuaded at least 700 victims to invest in OASIS through promissory notes and other means , causing victims’ losses exceeding $80 million . DaCorta , who had effectively been banned from conducting foreign exchange trading ( “FOREX” ) by agreement with the National Futures Association , induced victims to invest in OASIS by falsely representing to victim - investors that OASIS was reaping enormous profits by being a “market maker” and collecting “spread” on voluminous FOREX trades . DaCorta also pitched the opportunity as essentially risk free and OASIS as well - collateralized . In reality , OASIS was not making markets and had no true revenue . The “spread” earnings were being paid on each trade by OASIS back to OASIS to create the illusion of revenue , which was published to investors on fictious account statements and an online investor portal . The online investor portal showed the “spread” credits but concealed catastrophic underlying trading losses . DaCorta and his conspirators used the balance of the victim - investors’ funds to make Ponzi - style payments to perpetuate the scheme and to fund lavish lifestyles . For example , DaCorta used victim - investors’ funds to purchase a Maserati and Range Rovers for his family members , a country club membership , multiple million - dollar homes in Florida , college tuition for family members , flights on private jets , and lavish trips to Europe and the Cayman Islands . DaCorta also underreported his income on his 2017 federal income tax return , claiming a negative income and receiving a tax refund . This case was investigated by the Internal Revenue Service - Criminal Investigation and the Federal Bureau of Investigation , with assistance from the Commodity Futures Trading Commission , the National Futures Association , the Financial Industry Regulatory Authority’s Criminal Prosecution Assistance Group , and the Florida Office of Financial Regulation . It is being prosecuted by Assistant U . S . Attorneys Rachelle DesVaux Bedke , Frank Murray , and David W . A . Chee .
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