Miami grand jury indicts alleged fraud investor

Joseph Zada is accused of swindling former Red Wings star out of $20M in phony oil scheme

TRD MIAMI /
Sep.September 10, 2013 12:39 PM

Sergei Federov’s financial manager, accused of swindling the former Red Wings hockey player out of $43 million, was indicted by a federal grand jury in Miami this week on charges he portrayed himself as a successful businessman with connections to Saudi oil deals.

Michigan resident Joseph Zada allegedly spent more than $20 million of Federov’s cash on living it up in Miami, including lavish parties, luxury cars and million-dollar properties, according to the indictment.

“It’s been a trying and difficult ordeal that Joe Zada put him through but right now I’d say he is doing well,” Fedorov lawyer Brendan Frey told the Detroit News. “He is glad to see Joe finally indicted.”

Zada, 55, faces up to 20 years in prison on mail and wire fraud charges and 10 years in prison for money laundering and moving stolen property across state lines. [Detroit News]Emily Schmall


Related Articles

arrow_forward_ios
Joseph Menaged with his units at Faena House and One57 (Credit: Facebook, Redfin, StreetEasy)

Father of “Property Wars” star pleads guilty to bank fraud

Georgina Pineda and King David Condominium at 17555 Atlantic Boulevard (Credit: Realtor)

Property manager stole HOA money, then gambled it away: police

Daily Digest Miami

Ten-X Commercial laid off half of its workforce, Miami professor who taught class on money laundering allegedly laundered millions

Robert Matthews and the Palm House Hotel (Credit: NAIOP)

Palm House Hotel developer will use taxpayer money to pay legal bills: report

(Credit: iStock)

Three arrested in South Florida affordable housing scam

Miccosukee casino

Feds look to seize properties tied to Miccosukee embezzlement scheme

Feds to seize Miami real estate allegedly tied to $60M Venezuelan money laundering scheme

Feds to seize Miami real estate allegedly tied to $60M Venezuelan money laundering scheme

From left, clockwise: Marquis Miami, the Bath Club, an Odebrecht sign, and Peninsula 2 condos (Credit: Wikipedia)

SoFla luxury real estate now tied to former Odebrecht execs implicated in corruption probe

arrow_forward_ios
Loading...