$80M Sarasota Ponzi Scheme Case Among Top IRS Investigations In 2022

SARASOTA, FL — The sentencing of a Sarasota man in an $80 million Ponzi scheme ranked high on a list of the IRS criminal investigation team’s most prominent and high-profile cases of 2022.

The case of Michael J. DaCorta, who was sentenced to 23 years in federal prison for conspiracy to commit wire fraud and mail fraud, money laundering, and filing a false income tax return, landed at No. 2 on the IRS list.

As part of his sentencing, he’s also required to forfeit about $2.82 million, a portion of the proceeds from his crimes.

• Also Read: $80M Ponzi Scheme Lands Sarasota Man In Federal Prison: DOJ

For nearly eight years, DaCorta ran an investment company named Oasis International Group Ltd. He and his co-conspirators persuaded at least 700 victims to invest in the company, causing them to lose more than $80 million, the IRS said.

DaCorta and his co-conspirators used their funds to make Ponzi-style payments to keep the scheme going and to fund their lavish lifestyles, the agency said. They spent the money on luxury cars, multimillion-dollar homes, lavish trips and more.

In 2017, DaCorta also underreported his income on his federal income tax return, according to the IRS. He claimed a negative income and received a tax refund.