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FDLE Arrests Race Car Driver Operating a Ponzi Scheme

 
The Florida Department of Law Enforcement (FDLE) today announces the arrest of Henri Zogaib, 36, of Longwood for one count of organized fraud. Today’s arrest is the result of a two-year investigation conducted by FDLE, the Volusia County Sheriff’s Office, and the Daytona Beach Police Department into allegations that Zogaib operated an organized ponzi scheme.

Investigators allege that Zogaib, a Grand-Am race car driver, stole approximately $5.1 million from 19 different victims across the country who had invested their money with Zogaib through his company, Executive Investment Group. The investigation further revealed that Zogaib would convince potential investors to commit funds to the investment with the promise of large returns. Zogaib supplied investors with documentation that demonstrated significant financial growth on their investments with the suggestion that the funds be reinvested for further financial gain. Investors eventually discovered that their money had never been invested and Zogaib had instead taken the money for his own personal use.

Zogaib was booked into the Lake County Jail and is being held on a $100,000 bond.

For Further Information Contact:
Heather Smith, Kristen Chernosky or Mike Morrison
FDLE Office of Public Information
(850) 410-7001