Joseph Zada has been sentenced to 17.5 years in prison after being found guilty of scamming more than 45 people out of a total of $37 million. Zada convinced victims to trust him with their money. Although he said these funds were being invested in Saudi Arabian oil markets, he kept the money for himself. Despite this, some sympathizers are asking for mercy for Zada.
The SunSentinel discusses this in depth.
“He took people’s retirement funds. He took people’s life savings. … He took people’s equity out of (their) homes. He took money from any source,” Assistant U.S. Attorney Adrienne Rabinowitz said. “Had he not been arrested he would be doing it to this very day.”
Zada, who has maintained his innocence, plans to appeal, his attorney Richard Lubin said.
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“In truth, he never invested their money, but instead squandered it on a lavish jet-set lifestyle, which included mansions in Florida and Michigan,” prosecutors said. “When pressed to return the investment money, Zada claimed he was awaiting a billion-dollar inheritance from a member of the royal family of Saudi Arabia, but the inheritance never materialized.”
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Zada has been jailed since he was convicted in September and has asked the judge to grant him bond pending appeal, something prosecutors are opposing.
Sympathizers are requesting a shorter sentence so that Zada, who is 57, will not pass away in jail.
Photo by Andrew Bardwell via Flickr CC License
