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 Oct. 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.
Source: U.S. Department of Justice, Federal Bureau of Investigation (FBI)
