Miami man jailed for investment scam that funded luxury lifestyle

FLORIDA — A Florida man will spend the next 30 months in prison for operating an investment fraud scheme.

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On February 22, U.S. District Judge Donald M. Middlebrooks sentenced Jack Connor Ridall, 29, of Miami, to 30 months in prison.

According to the US Attorney’s Office for the Southern District of Florida (USAO), Mr Ridall defrauded victims of approximately $735,000 by falsely indicating he would use their money for various investments.

Ridall was the founder and sole member of Stratcapital LLC, Guss Capital, LLC, and Guss Actium Manager, LLC. Using these three companies, Mr Ridall reportedly succeeded in causing at least three people to provide him with money based on his material misrepresentations.

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The USAO said the false statements Mr Ridall made to these victims included Ridall’s investing experience and performance, the use of investor funds for purposes other than those he promised, and the safety of the investment.

Ridall also falsely told his victims, among other things, that his companies were investment management companies with substantial assets.

The USAO said Mr Ridall did not invest investor funds in securities or an investment fund. Instead, he misappropriated investor funds to pay for luxury retail purchases, hotel stays, restaurants, and fraudulent transfers to family members.

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When victims asked Ridall for updates on their investments, the USAO said he provided forged attorney letters and audit reports indicating that the victims’ investments yielded high rates of return.

In Nov. 2023, Ridall pleaded guilty to one count of wire fraud.

U.S. Attorney Markenzy Lapointe for the Southern District of Florida and Special Agent in Charge Jeffrey B. Veltri of FBI, Miami Field Office, made the announcement.

FBI Miami investigated the case. The Securities and Exchange Commission provided invaluable assistance. Assistant U.S. Attorney Roger Cruz prosecuted the case. Assistant U.S. Attorney Marx Calderon is handling asset forfeiture.