U.S. Indictment Against Senegalese Investment Fraudster

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An indictment charges the California businessman Amadou Kane Diallo, 44, for allegedly soliciting investments under false pretenses and using investors’ funds to support his lavish lifestyle. The Senegalese national was the CEO of the two California-based companies Virtual Advisors LLC and Liquide Inc. Diallo is charged with 19 wire fraud counts and two money laundering counts.

Diallo told his investors that he uses the money for purported business opportunities in technology, health care, real estate, home ownership, and service to the African diaspora. He allegedly caused at least 11 victim-investors to pay him, Virtual Advisors, and Liquide, more than $1.8 million. Contrary to his representations to investors, Diallo allegedly used their money to fund his extravagant lifestyle, including making rent payments on his home; paying for luxury vehicles; buying clothes and fancy dinners; joining fitness clubs and spas; and hosting lavish events for foreign government officials.

Diallo allegedly made various false representations, including that investor funds would be spent to further investors’ interests, or not be spent at all, and instead used as “skin in the game” to attract institutional investors. Diallo is also alleged to have lied to potential investors, claiming that he had raised hundreds of millions of dollars for another investment firm and its real estate investment fund when, in fact, he had never raised any such funds.

Diallo is charged with 19 wire fraud counts and two money laundering counts. If convicted, he faces a maximum penalty of 20 years in prison on each of the wire fraud counts and a maximum penalty of 10 years on each money laundering counts.

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