Orlando Man Charged With $25 Million Investment Fraud Scheme
Orlando, Florida – On January 16, 2019, a federal grand jury returned an indictment charging Andres Fernandez (37, Orlando) with 12 counts of wire fraud. If convicted, Fernandez faces a maximum penalty of 20 years in federal prison for each count.
According to the indictment, Fernandez orchestrated an investment scheme that defrauded at least 50 victims out of as much as $25 million and solicited individuals to invest in concert events that Fernandez claimed were being produced by his companies – Kadaae Entertainment Corporation and Kadaae LLC. The indictment further alleges that Fernandez told victims that their investment would be used to fund specific concert events from artists including Julio Iglesias and Pitbull, and promised a return on investment of up to 100 percent. Fernandez used fake contracts and other false documents to convince victims that he and his companies were under contract to produce the events. In fact, neither Fernandez nor his companies were involved in most of the events he had solicited to victims. Fernandez used portions of the funds sent by investors for his own personal use and to pay fraudulent “investment returns” to earlier investors.
An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.
This case was investigated by the Federal Bureau of Investigation. It will be prosecuted by Assistant United States Attorney Nathan W. Hill.