According to a federal criminal Complaint filed in U.S. District Court in the Middle District of Florida, David R. Lewalski, 47, formerly of Gainesville, FL, and his co-conspirators allegedly solicited money about $30 million from hundreds of investors based on false statements that Lewalski could earn the investors up to 10 percent interest per month by trading on the foreign currency (FOREX) market.
The Complaint alleged that Lewalski, who operated a company called Botfly LLC:
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- invested only a small portion of investors’ funds in trading activities;
- generated little, if any, profits trading FOREX;
- paid “interest payments” totaling approximately $15 million to investors using other investors’ money (a classic Ponzi device); and
- spent lavishly on himself, his friends and his family — spending millions of dollars leasing high-end New York City real estate, private jets, and purchasing luxury automobiles (Porsches and a Ferrari), clothing and jewelry (including a gold and diamond Rolex watch).