29 January 2005 – LAWFUEL – The Law News Network – Marcos Daniel Jim…

29 January 2005 – LAWFUEL – The Law News Network – Marcos Daniel Jiménez, United States Attorney for the Southern District of Florida; Eileen J. O’Connor, Assistant Attorney General, Department of Justice Tax Division; Brian J. Wimpling, Special Agent in Charge, Internal Revenue Service, Criminal Investigations; and Michael S. Clemens, Special Agent in Charge, Federal Bureau of Investigation, announced today that defendant, Nicholas D. DeAngelis, of Lake Worth, Florida, was sentenced by United States District Court Judge Daniel T.K. Hurley to twenty-five (25) years’ imprisonment, followed by three (3) years of supervised release. DeAngelis also was ordered to pay restitution to his victims in the amount of $4,219,249.

In June 2004, following a three (3) week trial, a jury in West Palm Beach, Florida, convicted DeAngelis on every count of a fifty-one (51) count Indictment, which charged DeAngelis with wire and mail fraud, money laundering, obstruction of justice, perjury, conspiracy, identity theft, and tax evasion. These charges stemmed from a multi-million dollar investment fraud and tax evasion scheme.

DeAngelis used false representations to induce investor victims, including several senior citizens, to send approximately $1.5 million to his investment companies: Velvet Hammer Consulting Group and GIASI, Inc. DeAngelis then laundered these funds for his own use. DeAngelis also engaged in conduct designed to defraud the government of $2.6 million in unpaid federal income taxes.

DeAngelis told investors that GIASI was an acronym for “Godly Inspired and Spiritually Invincible.” Several GIASI investors lost their life savings by investing with GIASI and DeAngelis.

Mr. Jiménez commended the investigative efforts of the Internal Revenue Service, Criminal Investigations, and Federal Bureau of Investigation. The case is being prosecuted by Assistant United States Attorney Ellen Cohen and Department of Justice Trial Attorney Stephanie D. Evans.

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