Orlando, Florida – On January 16, 2019, a federal grand jury
returned an indictment charging Andres Fernandez (37, Orlando) with 12 counts
of wire fraud. If convicted, Fernandez faces a maximum penalty of 20 years in
federal prison for each count.
According to the indictment, Fernandez orchestrated an
investment scheme that defrauded at least 50 victims out of as much as $25
million and solicited individuals to invest in concert events that Fernandez
claimed were being produced by his companies – Kadaae Entertainment Corporation
and Kadaae LLC. The indictment further alleges that Fernandez told victims that
their investment would be used to fund specific concert events from artists
including Julio Iglesias and Pitbull, and promised a return on investment of up
to 100 percent. Fernandez used fake contracts and other false documents to
convince victims that he and his companies were under contract to produce the
events. In fact, neither Fernandez nor his companies were involved in most of
the events he had solicited to victims. Fernandez used portions of the funds
sent by investors for his own personal use and to pay fraudulent “investment
returns” to earlier investors.
An indictment is merely a formal charge that a defendant has
committed one or more violations of federal criminal law, and every defendant
is presumed innocent unless, and until, proven guilty.
This case was investigated by the Federal Bureau of
Investigation. It will be prosecuted by Assistant United States Attorney Nathan
W. Hill.
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