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Daniel Touizer of South Florida Indicted on Fraud
Daniel Touizer of South Florida found himself behind bars Wednesday after the FBI charged him with fraud. Touizer was the CEO of Wheat Capital Management, an investment agency located in Fort Lauderdale. The FBI is accusing Touizer of defrauding his investors out of nearly $20 million, news sources indicate. The court deemed Touizer a flight risk, and a judge ordered he be held in jail without bail. Reports say Touizer has retained legal representation to defend his innocence.
Investment fraud is a prevalent crime throughout Florida and the United States. Each year it costs stakeholders and the government millions of dollars. The scheme begins with a person or fraudulent business that offers investors a too-good-to-be-true investment strategy. This may involve real estate, stocks, phony businesses, or the trade of goods. The fraudsters promise potential clients that their money will be doubled or tripled in an attempt to get them to invest large sums of money. In all cases, the schemers use the investors’ monies for personal gain. The defrauded victims then never receive either a profit or any of their original investment back in return.
According to reports, 44-year-old Touizer and his fellow schemers were seeking investments for real estate development and the trading of expensive gems. The alleged fraudsters were operating out of Wheat Capital Management in Fort Lauderdale between 2010 and 2017. During that time, the company solicited investments from victims throughout the United States. Prior to his arrest, Touizer and his fellow scammers netted $19 million from their investors, sources say.
To persuade people into his investment business, Touizer allegedly told his clients that he had a special type of business structure that would ensure they made a profit. The money the clients gave him would also go towards improving his firm’s trades strategy. However, the FBI claimed in an affidavit that Touizer and his conspirators used the majority of the investors’ money for personal gain.
News reports say the FBI raided the Wheat Capital Management offices in August of 2017. The agents reportedly recovered a large amount of paperwork from the building. Among the documents were sales strategies Touizer’s underlings followed in order to solicit money from their investors.
Touizer is now facing charges for fraud and, if found guilty, he could face a sentencing of more than 17 years behind bars. The media reported that Touizer’s legal representation are maintaining his innocence, and claiming that his business and investments were legitimate. A judge set Touizer’s next court date for October 25th, 2017. We will update you as soon as we have some more information!
Boston residents know that the law is a massive body of work. Legal professionals understand perfectly just how complex and dense it really is.