MIAMI (HedgeWorld.com)–Donald C. O’Neill, wanted by U.S. law enforcement officials for nearly a year in connection with defrauding investors using bogus south Florida currency hedge funds, was arrested March 29 in Rome.
Details of the circumstances that led authorities to Mr. O’Neill were unavailable by press time, but in a news release the U.S. Attorney for the Southern District of Florida, Marcos Jim?nez, praised the work of the FBI and the Commodities Futures Trading Commission.
Mr. O’Neill, whose occupations on the FBI “Wanted” poster issued in September were listed as “Investment Consultant and Trader” and “Tire Salesman,” was wanted in connection with an alleged Ponzi scheme that raised more than US$13 million from 38 investors (see Previous HedgeWorld Story). Mr. O’Neill is accused of taking at least US$10 million of that money and spending it on homes, luxury cars, airplane charters and gambling in Las Vegas casinos.
On May 20, 2003, a federal grand jury handed down a 40-count indictment that included charges of mail fraud, wire fraud and money laundering against Mr. O’Neill.