Judge Sets Jan 8 Sentencing Date for President of Oasis FX Scam

The embattled leader of an alleged $75 million investment scam is set to appear in a US District Court in Tampa, Florida, on January 8, 2020, for the hearing of his sentencing in a case involving the ‎operation of a fraudulent FX scheme.‎

Earlier in September, Joseph Anile plead guilty to three felony counts tied to what federal prosecutors call setting up and running a retail foreign currency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term trading firm from 2011 through 2019. The scheme bilked 700 investors through the Oasis International Group Ltd. on Longboat Key.

The Commodity Futures Trading Commission (CFTC) brought the charges Oasis International’s CEO, Michael DaCorta, Oasis principals Joseph Anile II and Francisco Duran, and several other individuals in April 2019. The cases also involve two FX brands, Oasis Global FX Limited and Oasis Global FX.

The defendants cold-called victims and convinced them to invest their monies with the company in Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term markets. The fraudsters even went as far as to draft performance reports which falsely claimed their pools had achieved gross annual returns for investors of about 21 percent in 2017, and 22 percent in 2018.

Anile faces 30 years in prison

For new participants, they were assured of receiving a minimum 12 percent guaranteed annual returns, while they were actually duped into a Ponzi scheme. ‎To support the fraud, Oasis Global FX workers sent bogus account statements to clients, falsely showing positive returns on their investments, while they actually lost $21 million and misappropriated $47 million.

The complaint alleges that they used the money to pay for exotic vacations, homes, sports tickets, college tuition, and loans to family members, among other things.

Anile, a licensed attorney and co-founder/president at Oasis, was the first person to admit his role in the conspiracy to commit wire fraud and mail fraud, an illegal monetary transaction, and filing a false income tax return, the court said.

If convicted, he faces more than 30 years in federal prison and up to $600,000 in penalties, although prosecutors will recommend a lesser sentence for the guilty plea and cooperation.