Best-selling Diet Author Harvey Diamond in Foreclosure, Son Arrested for Fraud
By: Sarah Greenleaf, PR Intern | September 22, 2009
Celebrity foreclosures are becoming more frequent these days, but few have ties to large criminal cases.
Harvey Diamond, author of the best-selling 1980s diet book Fit for Life and father of recently arrested Beau Diamond, is currently in foreclosure on his $1.1 million Sarasota home, located at 8424 Midnight Pass Rd, Sarasota, FL. The St. Petersburg Times reports that the elder Diamond claims that that he, too, was a victim of his son’s fraudulent investment operation, which is likened to a mini-Bernie Madoff empire.
Beau Diamond has been charged with wire fraud and money-laundering and is alleged to have taken in $37.6 million and lost $15.4 million while running his investment club. Of the remaining money, $15.6 million was returned to investors and Beau used $6.6 million for other activities including gambling and the purchase of a $204,000 Lamborghini, according to the FBI.
Beau’s investment club, Diamond Ventures, is based on trading foreign currencies. He promised his investors 50 percent returns, but like most Ponzi schemes, these promises were too good to be true.
- Stumble it!
- Categories: Celebrity Real Estate, Foreclosures
Comments
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foreclosure law in tampa on September 23, 2009 8:22 am
Such a shame. At least we can see that everyone has been effected with the economy.
cerro on September 23, 2009 12:47 pm
how can people still believe those ponzi schemes?
real estate on September 24, 2009 6:49 am
I don’t know if Ponzi can be that lucrative
abe vigoda on September 24, 2009 7:56 am
50% returns? P.T. Barnum was right.
Michael Pollick on September 27, 2009 5:48 am
We have been covering this story from day one.
The Topics page dedicated to Beau Diamond (SEE LINK ABOVE) includes all our articles, plus legal documents of interest — the CFTC civil fraud suit and the FBI’s criminal complaint.
We are interested in hearing from any investors or anyone who knows Beau Diamond or his history!
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