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State calls Pasco-based investment company a Ponzi scheme

TAMPA — The head of a Pasco-based investment company has been indicted in federal court on charges of conspiracy, mail fraud and wire fraud. The state Attorney General's office has also labeled David Lewalski's Botfly LLC a Ponzi scheme that bilked investors while Lewalski got rich. A civil lawsuit is pending.

Lewalski, formerly of Gainesville, was arrested last month by federal authorities, who say he and his associates took in approximately $30 million from hundreds of investors who were promised 10 percent monthly interest in the foreign currency market. In reality, his arrest report states, Lewalski invested only a small portion of the funds and generated little if any profits.

The Attorney General's lawsuit says Lewalski spent hundreds of thousands of dollars on luxury hotels, private jets and luxury shopping sprees.

Times staff

State calls Pasco-based investment company a Ponzi scheme 12/01/10 [Last modified: Wednesday, December 1, 2010 8:11pm]
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