Female White-Collar Crime Divas-Mordern Day Thieves

Firefighters Dreams Goes Up In A $20 Million Dollar Scam!


Joseph Zada, 57, of Wellington (right), with his attorney Richard Lubin, knew dozens of firefighters in Palm Beach and Martin counties were struggling, but Mr. Zada didn’t make good on his promises to invest their hard-earned money and make them rich.[Everyone one want the pie in the sky–to be rich and want the easiest way possible to get there. No wonder so many are taken advantage of].

 The smooth criminal-minded Zada was found gulity, by a jury, of 15 counts of mail fraud. According to records Mr. Zada mastermind of a $20 million scam, which involved over $55 million in losses  from firefighters, veterinarians and sports greats, including NHL Hall of Famer Sergei Fedorov, to bankroll a lavish lifestyle.

According to records, Mr. Zada, who once split his time between one of the toniest estates in Wellington and a mansion in Michigan, gave people promissory notes, pledging to pay them interest. Many who gave him checks for hundreds of thousands of dollars wrote “loan” on the memo line. One person even made out a check to “Joe Zada Loan.” Even in emails, people never said they wanted their investments back, Mr Lubin said. “They said, ‘I want the interest on my loans,’” he said. “No one started calling this an investment until the interest payments stopped.” Firefighters said Mr. Zada told them he was giving them promissory notes for their protection. If he died, he told them, the promissory notes would allow them to get their money back from his estate. An investment wouldn’t provide that security.

According to records, Mr. Zada showed no emotion when the verdict was read. His attorney tried to persuade the judge to allow him to remain free on bond. His mother is sick in Michigan and needs him, he stated. But the Assistant U.S. Attorney wasn’t having that indicating the connections to people with vast wealth like: Alex Molinaroli, CEO of Johnson Controls, a Fortune 80 company based in Wisconsin, who kindly bankrolled Mr. Zada’s defense. Who also purchased Mr. Zada’s mansion in Michigan but allows him to continue to live in it. The judge agreed and had Mr. Zada taken into custody by the  U.S. marshals.

Bewear of smiling faces, as the song say!


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Check-pointDecember 31st, 2016
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