Orlando, Florida – Andres Fernandez (37, Orlando) has
pleaded guilty to 12 counts of wire fraud. He faces a maximum penalty of 20
years in federal prison on each count. His sentencing hearing is scheduled for
October 30, 2019.
According to court documents, Fernandez orchestrated an
investment scheme that defrauded at least 50 victims out of millions of dollars.
Fernandez solicited individuals to invest in concert events that he claimed
were being produced by his companies, Kadaae Entertainment Corporation and
Kadaae LLC. He told victims that their investment would be used to fund
specific concert events from artists, including Julio Iglesias and Pitbull, and
promised a return on investment of up to 100 percent. Fernandez used fake
contracts and other false documents to convince victims that he and his
companies were under contract to produce the events. In fact, neither Fernandez
nor his companies were involved in most of the events he had solicited to
victims. Fernandez used portions of the funds sent by investors for his own
personal use and to pay fraudulent “investment returns” to earlier investors.
This case was investigated by the Federal Bureau of
Investigation. It is being prosecuted by Assistant United States Attorney
Nathan W. Hill.
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