FOR IMMEDIATE RELEASE
Thursday, June 1, 2023
Foreign National Charged for $1.8M Wire Fraud and Money Laundering Scheme
An indictment was unsealed today in the Central District of California charging a California businessman for allegedly soliciting investments under false pretenses and using investors’ funds to support his own lavish lifestyle.
According to court documents, Amadou Kane Diallo, 44, a Senegalese national and resident of Laguna Niguel, was the CEO of two California-based companies: Virtual Advisors LLC and Liquide Inc. Diallo allegedly solicited investments in his companies from at least 11 individuals for purported business opportunities in technology, health care, real estate, home ownership, and service to the African diaspora. 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 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 own 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 is charged with 19 counts of wire fraud and two counts of money laundering. 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 in prison on each of the money laundering counts.
Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division, U.S. Attorney Martin Estrada for the Central District of California, Assistant Director Luis M. Quesada of the FBI’s Criminal Investigative Division, and Assistant Director in Charge Donald Alway of the FBI Los Angeles Field Office made the announcement.
The FBI is investigating the case.
Trial Attorney William E. Schurmann of the Criminal Division’s Fraud Section and Special Assistant U.S. Attorney Ryan G. Adams for the Central District of California are prosecuting the case.
If you believe you are a victim of Mr. Diallo’s conduct, please contact the Fraud Section’s Victim Witness Unit toll-free at (888) 549-3945 or by email at victimassistance.fraud@usdoj.gov.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Topic(s): Financial FraudSecurities, Commodities, & Investment FraudComponent(s): Criminal DivisionCriminal – Criminal Fraud SectionFederal Bureau of Investigation (FBI)USAO – California, CentralPress Release Number: 23-621
Updated June 1, 2023Original Article
