ANOTHER BIG FRAUD IN FLORIDA: Racecar Driver Henri Zogaib Arrested In Alleged $5 Million Ponzi Scheme
Former Grand-Am racecar driver Henri Zogaib has been arrested and jailed in Florida for the felony crime of organized fraud, the Florida Department of Law Enforcement (FDLE) said.
Once known for living large, Zogaib, 36, of Longwood, Fla., is listed as an inmate in the Lake County Jail. His bail was set at $100,000.
He is accused of stealing “approximately $5.1 million from 19 different victims across the country who had invested their money with Zogaib through his company, Executive Investment Group,” police said.
Among the victims were fellow racecar drivers.
The crime of organized fraud, also known as the Florida Communications Fraud Act, is a felony in Florida that may carry a maximum prison term of 30 years.
“Zogaib would convince potential investors to commit funds to the investment with the promise of large returns,” authorities said. “[He] supplied investors with documentation that demonstrated significant financial growth on their investments with the suggestion that the funds be reinvested for further financial gain. Investors eventually discovered that their money had never been invested and Zogaib had instead taken the money for his own personal use.”
The arrest culminated a joint investigation by FDLE, the Volusia County Sheriffâ€™s Office and the Daytona Beach Police Department into allegations that Zogaib operated an organized Ponzi scheme, authorities said.