Punta Gorda Man Pleads Guilty To Investory Fraud
July 15, 2014
Fort Myers, Florida – United States Attorney A. Lee Bentley, III announces that Anthony Michael Defeo (49, Punta Gorda) today pleaded guilty to wire fraud before United States District Judge John E. Steele. Defeo faces a maximum penalty of 20 years in federal prison. A sentencing date has not yet been set.
Defeo was indicted on May 1, 2013.
According to court documents, Defeo solicited victim investors who thought they were investing in an opportunity involving a gravel pit and fill dirt to be used by road construction companies for improvements on Interstate 75 on the west coast of Florida. Defeo controlled companies and used these companies as vehicles to obtain victims’ money. He misrepresented to victim investors that he had lucrative contracts and purchase orders with a legitimate corporation engaged in asphalt paving, grading, and related services for roadway, and civil construction projects. Instead of using the money as represented, Defeo fraudulently diverted and converted approximately $6,280,580.00 in monies from investors for his own purposes. He failed to repay the investors.
This case was investigated by the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney Jeffrey F. Michelland.
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