A Gainesville man was arrested last week in Manhattan on a wire fraud charge in connection with his participation in a $30 million investment fraud scheme, the Federal Bureau of Investigation announced.
David R. Lewalski, 47, and his co-conspirators allegedly solicited money from investors based on false statements that he could earn the investors up to 10 percent interest per month by trading on the foreign currency market.
The complaint alleges that, based on these and other fraudulent representatives, Lewalski and his co-conspirators receives approximately $30 million from hundreds of investors in Florida and across the country.
According to the complaint, Lewalski allegedly invested only a small portion of these investor funds in trading activities and generated little if any profits trading foreign currency. Lewalski allegedly paid “interest payments” totaling approximately $15 million to investors using other investors’ money. Lewalski also spent lavishly on himself, his friends and his family, spending millions of dollars leasing real estate and private jets, and purchasing luxury automobiles, clothing and jewelry.
If convicted, Lewalski faces a maximum penalty of 20 years in prison.
