The Omni Capital Group in Florida Ponzi Scheme
They Were So Small
The Omni Capital Group in Florida purportedly sold investment opportunities in the form of shares, contract rights, and participation rights in limited partnerships formed to purchase and sell small, privately held companies for a profit.
In reality, Omni was a ponzi scheme which caused 150 victims to invest $27,032,811. It had no assets other than the money invested by the victims and generated no business income or profit except for some minimal rental revenue.
To expand the scheme and keep investors involved in the limited partnerships as long as possible, the owner spent some of the money on producing false account statements reflecting annual rates of return of 20-30%. He also acquired and displayed symbols of success, such as an airplane, fictional glossy brochures, staffed offices, and a country club membership.
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