Man accused of using makeup artist, disguise in fraud scheme

BATON ROUGE, La. — A Louisiana man hired a professional makeup artist and disguised himself as an Orthodox Jewish businessman during a long-running scheme to scam investors and banks out of more than $96 million, according to a federal indictment issued Thursday.

David D. deBerardinis, 56, of Shreveport, represented himself as a businessman in the petroleum industry and used false identities, phony bank statements and bogus news articles to perpetuate a fraud scheme that began in 2008 and lasted until at least July 2016, the indictment says.

The 10-page document doesn't elaborate on how deBerardinis allegedly used a makeup artist and disguise in 2013 to get more investor funds from an unidentified equity group based in New York.

He is charged with four counts of wire fraud and one count of attempted bank fraud. If convicted, he faces a maximum sentence of 20 years in prison for the wire fraud counts and 30 years for the attempted bank fraud count. He also faces a $1 million fine, plus restitution and forfeiture, prosecutors said in a statement.

A Baton Rouge-based attorney for deBerardinis didn't immediately respond to a phone call seeking comment.

The indictment says deBerardinis represented himself as a businessman involved in the sale, trade and transport of fuel and falsely claimed he had an international shippers' license that had to be vetted by the FBI and U.S. Department of Homeland Security.

DeBerardinis assumed false identities and pretended to be actual company executives in communicating with investors to lend credence to nonexistent contracts and business relationships, the indictment says.

He solicited investments in his business in exchange for interest payments "and a guaranteed return of their principal," the document says. Citizens National Bank, Origin Bank and PlainsCapital Bank were among the financial institutions that lent money to deBerardinis' businesses, according to the indictment.

An investor from Dublin, Ireland, sued deBerardinis and one of his businesses, Financial Resources LLC, last February. The federal suit says the man was duped into investing $2.5 million in return for a promise he would be repaid and receive an additional interest payment of $250,000 within 60 days. The suit says the investor hadn't recovered any of his money when he sued.

Related News

Global stocks dip ahead of release of Fed minutes

Aug 17, 2016

Global stocks and the price of oil dipped Wednesday as investors awaited the release of the minutes...

Asian stocks climb on signs US rate hike off...

Aug 18, 2016

Asian stocks rose Wednesday after Wall Street edged higher on news the U.S. Federal Reserve is in...

Global stocks climb on signs US rate hike not...

Aug 18, 2016

Global stocks rose Thursday after Wall Street edged higher on news the U.S. Federal Reserve is in...

China tightens control of online news after...

Aug 19, 2016

The Chinese government is holding chief editors of news websites personally liable for content...

World stocks slip as investors eye timing of Fed...

Aug 19, 2016

World stock markets have turned lower as investors speculate whether the U.S. Federal Reserve will...

Global stocks, oil turn lower ahead of Fed meeting

Aug 22, 2016

Major stock markets and the price of oil turned lower on Monday as investors looked ahead to the...

You may also like these

Britain's May seeks out new trading relations...

Sep 4, 2016

British Prime Minister Theresa May says she intends to seize new trading opportunities for a...

China promises cooperation on steel at global...

Sep 5, 2016

China promises cooperation on steel at global summit amid pressure for trade curbs

May says Britain still inspires confidence...

Sep 5, 2016

After meeting with other world leaders during the G-20 summit, British Prime Minister Theresa May...

DEA opens shop in China to help fight synthetic...

Jan 6, 2017

The U.S. Drug Enforcement Administration plans to open a new office in southern China and, at...

What Trump's trade and geopolitical moves mean...

Jan 24, 2017

With his rejection of an Asian trade pact, U.S. President Donald Trump has started tackling policy...

About Us

Established in 2015, The Upstocker provides insights on financial reports, commentary, and investment data to traders so that you can make better investment decisions.

Contact us: sales@theupstocker.com

Subscribe Now!