Oasis International Group and Oasis Management, LLC – Commodity Future Trading Commission Files Complaint | Goodman & Nekvasil P.A. May Recover Investor Losses
According to the Commodity Futures Trading Commission Allegations
Since 2011, Defendants Oasis International Group, Limited (“OIG”), Oasis Management, LLC (“OM”), Satellite Holdings Company (“Satellite Holdings”), 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”) have engaged in a fraudulent scheme to solicit and misappropriate money from over 700 U.S. residents for pooled investments in retail foreign currency contracts (“forex”). Between mid-April 2014 and the present (the “Relevant Period”), Defendants have fraudulently solicited hundreds of members of the public (“pool participants”) to invest approximately $75 million in two commodity pools—Oasis Global FX, Limited (“Oasis Pool 1”) and Oasis Global FX, SA (“Oasis Pool 2”) (collectively, the “Oasis Pools”)—that purportedly would trade in forex. Rather than use pool participants’ funds for forex trading as promised, however, Defendants have traded only a small portion of pool funds in forex— which trading incurred losses—and instead misappropriated the majority of pool participants’ funds and issued false account statements to pool participants to conceal their trading losses and misappropriation.
In the course of their fraudulent scheme and during the Relevant Period, Defendants made material misrepresentations to pool participants, including that: (1) all pool funds would be used to trade forex; (2) pool participants would receive a minimum 12% guaranteed annual return from this forex trading; (3) the Oasis Pools were profitable and returned 22% in 2017 and 21% in 2018; (4) the Oasis Pools had never had a losing month; (5) money being returned to pool participants was from profitable trading; (6) there was no risk of loss with the Oasis Pools; and (7) pool participants earned extra returns by referring other pool participants to the Oasis Pools. Defendants also omitted to tell pool participants, among other things, that DaCorta—the CEO of OIG and the Oasis Pools’ head trader—had been permanently banned from registering with the Commission in 2010 and was prohibited from soliciting U.S. residents to trade forex and from trading forex for U.S. residents in any capacity.
Defendants’ representations were false. The Defendants have misappropriated the majority of pool funds. Of the approximate $75 million Defendants received from pool participants during the Relevant Period, Defendants deposited only $21 million into forex trading accounts in the names of the Oasis Pools, all of which has been lost trading forex. Defendants misappropriated over $28 million of pool funds to make Ponzi like payments to other pool participants. Defendants misappropriated over $18 million of pool funds—at least $7 million of which was transferred to Relief Defendants—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.
To conceal their trading losses and misappropriation, Defendants created and issued false account statements to pool participants that inflated and misrepresented the valueof the pool participants’ investments in the Oasis Pools and the Oasis Pools’ trading returns.
Investors in Oasis International Group and/or Oasis Management, LLC May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in Oasis International Group, 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.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
If you incurred investment losses in Oasis International Group and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.