Super Lawyers
The Netional Trial Lawyers - Top 40 Under 40
Avvo Clients Choice
Avvo Top Contributor
Avvo Rating
Published on:

Manuel Frade and Angel Quinones of Hollywood, Florida Arrested for Organized Fraud

Manuel Frade and Angel Quinones of Hollywood, Florida were arrested Monday for allegedly operating an investment scheme that duped investors out of millions of dollars, news sources report. Frade, 38, and Quinones, 53, were booked into the Broward County Main Jail on charges of grand theft, securities fraud, and organized fraud. It is not yet known whether they have qualified for a set bail bond amount. The press did not specify an attorney for either defendant.

According to reports, Fade and Quinones owned and operated Integrated Market Capital Investments in Hollywood. The defendants used that company to do business with another company called Midas Asset Exchange, also located in Hollywood. It is not yet known what has become of either of those companies.

Sources say Fade and Quinones would approach possible investors, many of whom appear to have been senior citizens, and offered them an investment opportunity. The defendants offered investments in rare metals, which the defendants would keep in a vault or other secure location until the investors decided to sell. Upon purchasing the metals, the investors allegedly said that they received account statements that showed metals had been purchased under their accounts.

It is not clear how the purported scam came to the attention of authorities, but a probe by the Florida Office of Financial Regulation revealed that only a small portion of investors’ funds actually went to the purchase of metals, and that none of it was used to store metals, reports say. Instead, investigators allege that Fade and Quinones used the investors’ money to expand their businesses and pay personal expenses. In all, Fade and Quinones allegedly duped investors out of an excess of $2 million nationwide.

“Thanks to the effective partnership between the OFR and the Broward County State Attorney’s Office, these alleged criminals can no longer continue to target our nation’s senior citizens by attempting to separate them from their hard-earned dollars,” an OFR spokesperson reportedly said. The OFR spokesperson also offered some advice to anyone thinking of investing. “The best way to protect your money is to first do your homework,” the spokesperson explained. “All potential investors should research any financial products fully and verify the company or individual you plan to do business with beforehand.”

Some types of theft are less sophisticated. Alicia Potter and Megan Beck of Naples were arrested Friday after they were accused of entering a Wal-Mart and consuming wine they didn’t pay for, reports say. Potter and Beck were booked into the Naples Jail Center on charges of disorderly intoxication. It is unclear whether they qualified for bail or hired legal representation.

According to reports, the incident occurred on Friday. Potter and Beck reportedly walked into a local Wal-Mart, selected a bottle of wine, opened it, and began to drink as they walked around the store. A member of the store’s loss prevention office approached Potter and Beck and told them they would have to pay for the wine and leave the store. However, Potter and Beck allegedly refused to leave and had to be forcibly removed from the premises, sources say.

Police were called, and officers reportedly pepper-sprayed Potter after she resisted and kicked them. Both of the defendants allegedly shouted expletives as they were being taken outside the store.

Sources: 6.17.13 Fade and Quinones Fraud.pdf, 6.18.13 Potter and Beck Disorderly Intoxication.pdf.

Posted in: and
Published on:

Comments are closed.