Man found guilty after duping people in Ponzi scheme

SARASOTA — A 32-year-old Sarasota man was found guilty Wednesday of 18 counts of fraud and money laundering crimes for operating a Ponzi scheme after a federal trial, according the U.S. Department of Justice.

Beau Diamond could face up to 20 years in prison for each of seven counts of wire fraud and three counts of mail fraud, as well as 10 years for seven counts of illegal monetary transaction and 10 years for transportation of stolen property.

Diamond operated a Ponzi scheme from April 2006 to January 2009 through his Sarasota company, Diamond Ventures LLC, where he invited friends, family and others to invest in his company telling them they were trading their invested funds in foreign exchange markets.

He falsely promised a monthly return of anywhere between 2.75 percent to 5 percent and offered security for their investments, according to a released statement.

A date for Diamond’s sentencing has not been set yet.