Markenzy Lapointe U.S. Attorney | U.S. Attorney for the Southern District of Florida
Murray Todd Petersen, a 73-year-old resident of Fair Oaks, California, has been convicted of conspiracy to commit wire fraud and wire fraud. The verdict was delivered on January 14 after a seven-day jury trial in Fort Lauderdale, Florida.
From March 2013 to August 2019, Petersen worked as a salesman for Petersen & Lowe LLC. He persuaded investors to buy fancy-colored diamonds using false claims about the safety and value of the investments. He also misled them regarding expected profits and the use of their funds. After selling these overpriced diamonds with fraudulent appraisals, he advised clients to hold onto their investments before attempting liquidation.
To meet investor cash-out demands at inflated appraisal prices, Petersen falsely promoted a China investment program. This scheme promised guaranteed monthly returns but was actually a Ponzi scheme designed to pay off earlier investors. As complaints about missing returns and inaccurate appraisals increased, the operation shifted to theft, with investors prepaying for undelivered diamonds. Petersen earned approximately $850,000 in sales commissions from his victims, which he used to settle IRS tax liens and business expenses.
Following his conviction, Petersen was taken into custody. His sentencing is scheduled for April 24 at 10:00 a.m. in Fort Lauderdale. He faces up to 20 years in prison for each count. Co-conspirators Adam Jonathan Lowe and Scott Schafer were previously convicted in related cases.
The conviction was announced by Acting U.S. Attorney Michael S. Davis for the Southern District of Florida and Special Agent in Charge Jeffrey B. Veltri of the FBI Miami Field Office.
The case was investigated by FBI Miami and prosecuted by Assistant U.S. Attorneys Marc Anton and Latoya Brown. Assistant U.S. Attorney Marx Calderon is handling asset forfeiture.
Further information can be found on the websites of the United States Attorney’s Office for the Southern District of Florida and the District Court for the Southern District of Florida under case number 23-cr-60225.
