According to reports, a con-man named Anthony Gignac posed as a member of the Saudi royal family and conned investors out of millions of dollars.
The Department of Justice issued a statement saying, “Those funds were not put into business opportunities, legitimate investments, or any interest-yielding source. Instead, Gignac used the money to finance his lavish lifestyle, including Ferraris, Rolls-Royces, yachts, expensive jewelry, designer clothing, travel on private jets, and a two-bedroom property on Fisher Island. Investors were also tricked into giving Gignac extravagant gifts like paintings, jewelry, and memorabilia.”
Gignac pretended to be Prince Khalid Bin Al-Saud and created an expensive lifestyle funded by the money he swindled from investors who thought Gignac was selling stakes in his bogus company ahead of the company’s IPO. Eventually, Gignac was caught and charged with conspiracy to commit fraud, wire fraud, identity theft, and charges of impersonating a diplomat. Gignac was sentenced to over 18 months in prison.
source: CNBC
