Development leader of Puerto Azul involved in major Ponzi Scheme
Puerto Azul, the proposed multi-million dollar tourism development within the Lighthouse Reef Atoll, has turned out to be nothing more than a ponzi scheme. On Tuesday, January 17th, media houses from Switzerland reported that Domenico Giannini, the man behind Puerto Azul, and Fabio La Rosa, had been arrested by financial police. According to reports, both men have extorted money from over 200 private investors under the name of the luxury development, Puerto Azul.
The arrest warrant was issued by the financiers of the Provincial Command of Varese against seven persons. Five were sent to prison while two remained under house arrest. Both Giannini and La Rosa were among those sent to prison. During the arrest, officers also confiscated over 18 million Euros in assets (26 properties, 27 land shares of 10 companies, 6 cars and 18 bank accounts). Over 20 searches were performed between the accused parties’ offices in Italy and Switzerland.
“The surveys, conducted by the military of the Tax Police of Varese under the direction of the Public Prosecutor of Busto Arsizio, with the coordination of the Deputy Public Prosecutor, Luigi Furno, have enabled, after a year of complex investigations, to unravel an international criminal organization, with bases in Italy, Luxembourg, Switzerland, the Caribbean and London , and dedicated to serious fraud, embezzlement, illegal financial and banking activities, abusive saving collection, obstructing supervisory functions, recycling information, self-laundering, falsification of documents, and impersonation,” stated La Provincia di Varese, a Swiss media house.
Swiss media house, Varese News reported that “they sold to unsuspecting citizens a dream project for the construction of a hotel complex of extra luxury “8 stars”, known as “Puerto Azul”. Investors had been made to believe that it was a luxurious resort to be built in a Caribbean atoll, off the coast of Belize.” Apparently the development was nothing more than a farce, as the entire project was just a means to commit fraud and embezzlement.
Reports are that even Hollywood stars who invested in the Puerto Azul development were caught up in the fraud. Celebrity investors like John Travolta and Andrea Bocelli were completely unaware of Giannini and La Rosa’s real plans, and were even used to promote the Puerto Azul concept. “The method employed by the association included the signing of contracts and artificial simulators (example of “real time sharing”), created in order to ensnare customers and induce investment , through transfers made on “bank accounts”, interposed between accounts of the organization (located in Switzerland, Luxembourg and Belize) and customer accounts, starting with the primary purpose of evading the supervision of credit institutions over its promoter’s mandated and customers portfolio location,” indicated La Provincia di Varese in their report.
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