Ronald Diaz, 40, of Tucson, pleaded guilty on July 18, 2024, to Wire Fraud. Sentencing is scheduled for September 27, 2024, before United States District Judge Scott H. Rash.
While working as a financial advisor, Diaz engaged in a scheme to defraud an elderly client by falsely representing an investment opportunity in an “annuity” that supposedly “guaranteed” a 10% return. Between November 2020 and July 2022, Diaz directed the victim to transfer $970,000 to Diaz’s family members, disguising his fraudulent activities. He then instructed his family members to return most of the victim’s funds to him.
Diaz used large portions of the victim’s money for personal expenses, including gambling at casinos, making a down payment on a 2021 Range Rover, paying credit card debt, remodeling his family pool, paying his mortgage, and other personal costs. He made some “interest” payments to entice the victim to provide additional money, but none of the victim’s funds were used for legitimate investments. The scheme resulted in the victim losing over $867,000. As part of his plea agreement, Diaz will be required to pay restitution to the victim’s estate.
A conviction for Wire Fraud carries a maximum penalty of 20 years in prison and a $250,000 fine, or both.
The Federal Bureau of Investigation conducted the investigation in this case. The United States Attorney’s Office, District of Arizona, Tucson, is handling the prosecution.