Joe Zada to Go On Trial Next February on Federal Fraud Charges
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WEST PALM BEACH, Florida, May 21, 2014–Joseph Zada is scheduled to go on trial next February on federal charges of fraud, money laundering and interstate transportation of stolen property in a case of allegedly swindling six-time U.S. Olympic dressage rider Robert Dover, other equestrians and former Russian hockey star Sergei Federov out of $20 million (€14.8 million).
The United States Attorney for the Southern District of Florida said in a letter to alleged victims, including equestrian and documentary movie maker Ron Davis who lost $1 million, the trial is scheduled to start Feb. 23, 2015 and is expected to run four weeks.
The money was allegedly used to fund a lavish lifestyle including owning the Sydney Olympic gold medal eventing horse, Custom Made, ridden by David O’Connor, dressage and jumper horses and homes in Wellington, Florida and Detroit’s tony Grosse Pointe Shores.
The 55-year-old was a onetime horse trainer who became the financial manager for the former Detroit Red Wings star. The indictment by a federal grand jury was for a scheme allegedly involving phony oil deals.
Robert Dover and Sergei Fedorov were among more than 20 people who invested with Joe Zada between 1998 and 2009, allegedly based on Zada’s “materially false statements and omissions of material facts.”