July 31, 2015

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July 31, 2015

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Florida Federal Court Orders $137 Million Forfeiture for Investment Fraud and Money Laundering Scheme

The US District Court for the Middle District of Florida recently ordered one participant in a sophisticated investment fraud and money laundering scheme to forfeit $137 million in assets including cash, real property, aircraft and vessels. 

From approximately 2004 through 2008, United Kingdom citizen Simon Andrew Odoni and others stole the identities of dormant, publicly traded companies to create fraudulent shell entities that appeared legitimate but were, in fact, worthless. Then, relying on high-pressure misleading tactics, they induced victims to invest over $127 million, which was wired to bank accounts in Florida. Odoni and his confederates reaped another $10 million through a separate currency trading scheme. 

A related case led to the May 2012 conviction of Roger Lee Shoss and Nicollette Loisel, two Texas lawyers who helped to hijack the dormant companies’ identities. The co-conspirators then issued worthless stock in the dormant companies that appeared to be publicly traded.   

The United States, the United Kingdom, Canada and Spain collaborated on the investigation. Susan McCormick, special agent in charge of Homeland Security Investigations, Tampa, urged investors to “beware of similar scams – they know no borders.”    

United States v. Odoni, Case No. 08-cr-172-T-35EAJ (M.D. Fla. July 11, 2013).

©2015 Katten Muchin Rosenman LLP

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About this Author

Michael Rosensaft, white collar criminal litigator, Katten, New York Law Firm
Partner

Michael M. Rosensaft focuses his litigation practice on representing individuals and businesses in white collar criminal matters, regulatory enforcement matters, corporate internal investigations, insurance and health care fraud and complex civil litigation.

Prior to joining Katten, he served as an Assistant US Attorney for the Southern District of New York. In that capacity, Michael oversaw the investigation and prosecution of numerous criminal cases involving terrorism, international money laundering, export violations, bribery of foreign...

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Tenley Mochizuki, Katten Muchin Law Firm, Litigation Lawyer
Associate

Tenley Mochizuki concentrates her practice in litigation and dispute resolution matters.

While attending law school, Tenley participated in the Advocacy for the Elderly Clinic and worked on the Virginia Environmental Law Journal. Before joining the firm, she worked in a medical office, a primate cognition laboratory and various nonprofit organizations.

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