FBI Charges Five Florida Residents with Conducting $20 million fraudulent scheme.

The Federal Bureau of Investigations (FBI) has unselaed a 22 count indictment of five Florida residents who are being charged with conspiracy to commit mail and wire fraud, mail and wire fraud violations, conspiracy to commit money laundering and money laundering violations. The five people charged include James Howard, Pareicia Saa, Louis Gallo who are being charged with fraud and money laundering, Rita Balbirer who is being charged with money laundering and attorney Michael Casey who is being charged with fraud.

The FBI is alleging that the scheme arose as a result of Commodities Online LLC, which was controlled by Howard, Saa, Gallo, and Casey, using “material false and fraudulent representations and material omissions to obtain over $20 million from over 700 investors” between January 2010 and April 2011. Commodities Online LLC would allegedly offer investors the opportunity to purchase pre-arranged contracts to both buy and sell commodities including fish, sugar, and iron ore, after which the profits from the transaction would be shared. The company claimed on its website and marketing materials that investors would be able to earn returns ranging between “approximately three percent within 15 days to 33 percent within 105 days”.

The Federal Bureau of Investigations (FBI) has unselaed a 22 count indictment of five Florida residents who are being charged with conspiracy to commit mail and wire fraud, mail and wire fraud violations, conspiracy to commit money laundering and money laundering violations. The five people charged include James Howard, Pareicia Saa, Louis Gallo who are being charged with fraud and money laundering, Rita Balbirer who is being charged with money laundering and attorney Michael Casey who is being charged with fraud.

The FBI is alleging that the scheme arose as a result of Commodities Online LLC, which was controlled by Howard, Saa, Gallo, and Casey, using “material false and fraudulent representations and material omissions to obtain over $20 million from over 700 investors” between January 2010 and April 2011. Commodities Online LLC would allegedly offer investors the opportunity to purchase pre-arranged contracts to both buy and sell commodities including fish, sugar, and iron ore, after which the profits from the transaction would be shared. The company claimed on its website and marketing materials that investors would be able to earn returns ranging between “approximately three percent within 15 days to 33 percent within 105 days”.