The Florida Department of Law Enforcement has busted a $5.4 million Ponzi Scheme, masterminded by two men.
One of the principals behind the scheme is former race car NASCAR driver, Henri Zogaib in Ponce Inlet, whose home was raided. The other operator of the scheme was Paul Bellanca in Ormond Beach.
State officials seized computers, bank records, money and documents from their homes and also three banks.
Because of Zogaib’s NASCAR connection, he was able to easily persuade other NASCAR drivers to invest in the scheme, which officers say have been ongoing for months.
Victims who have lost millions of dollars, not only include members of the racing industry, but as well a retired state trooper who had invested all his retirement funds.
The two men convinced people to invest in iron and ore, promising rates of return as high as 40.8 percent.
