Oasis International Group and Oasis Management LLC Charged by CFTC | Goodman & Nekvasil P.A. May Recover Investor Losses
Oasis International Group and Oasis Management LLC and Others Charged by CFTC
ACCORDING TO THE CFTC:
The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in federal court in Florida against Sarasota area defendants Oasis International Group, Limited (OIG),Oasis Management, LLC (OM), Satellite Holdings Company(Satellite), Michael J. DaCorta (DaCorta), Joseph S. Anile, II (Anile),Raymond P. Montie, III (Montie), Francisco “Frank” L. Duran (Duran), and John J. Haas (Haas) (collectively, defendants). The defendants are charged with operating a $75 million foreign currency (“forex”) trading scheme involving over 700 U.S. participants and over $47 million misappropriated in order to return funds to certain participants and for personal use, such as exotic vacations, sports tickets, and college tuition.
Starting in 2011, according to the Complaint, the defendants fraudulently solicited and misappropriated money from over 700 U.S. residents for pooled investments in retail forex. Between mid-April 2014 and the present, the defendants received approximately $75 million from pool participants for investment in two commodity pools—Oasis Global FX, Limited and Oasis Global FX, SA (collectively, the “Oasis Pools”)—that would purportedly trade in forex. The defendants concealed their fraud by issuing false account statements to the pool participants. The Complaint also names nine relief defendants, who are alleged to have received pool participant funds.
As alleged in the Complaint, to entice pool participants, the defendants falsely represented that, among other things, pool participants would receive a minimum 12% guaranteed annual return; the Oasis Pools had never had a losing month; there was no risk of loss with the Oasis Pools; and forex trading returns for the Oasis Pools were 22% in 2017 and 21% in 2018. The defendants misappropriated the majority of pool funds and lost the remainder trading forex.
As further alleged, of the approximately $75 million the defendants received from pool participants between mid-April 2014 and the present, the defendants deposited only $21 million into Oasis Pools’ forex trading accounts and lost all of those funds trading. The defendants used over $28 million to make Ponzi-like payments to other pool participants, as well as spending over $18 million for unauthorized personal or business expenses such as real estate purchases in Florida, exotic vacations, sports tickets, pet supplies, loans to family members, and college and study abroad tuition. The defendants also allegedly created and issued false account statements to conceal their trading losses and misappropriation from pool participants by inflating and misrepresenting the value of the pool participants’ investments in the Oasis Pools and the Oasis Pools’ trading returns.
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If you invested, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors.
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