Source: Federal Bureau of Investigation (FBI) State Crime News
Andres Fernandez was a smooth-talking concert promoter who told people he could make them wealthy investing in the glamorous industry.
While he claimed he couldn’t give too much information on the business, he did promise up to a 100% return on investment.
Instead, his more than 50 investors were swindled. Victims lost more than $20 million, ranging from $5,000 to $7 million per victim. Fernandez and an associate lived on that money and re-paid prior investors in a Ponzi-like scheme.
Fernandez actually did do some concert promotion work, mostly working with small venues in the Orlando, Florida, area. He even brought some of his investors to the concert venue where he worked to convince them he was legitimate. He lied to those investors about grand plans to expand to stadium-size concert venues and book famous artists like Pitbull and The Weeknd.
“He produced lots of completely fraudulent documents that he gave to investors, like fake Ticketmaster contracts or contracts with artists,” said Special Agent Kerrie Harney who investigated this case out of the FBI’s Tampa Field Office.
Fernandez’s early investors were his friends and neighborhood acquaintances. One of his initial investors, Edison Denizard, got good returns and started working with Fernandez to bring in even more victims. Some of Denizard’s contacts had millions of dollars to invest, allowing the men to expand the scheme, which began in March 2016 and went on for a little over a year.
National Consumer Protection Week
February 28 – March 6, 2021
While the FBI works all year long to keep you safe from scammers, this week is National Consumer Protection Week and a great time to ensure you’re protecting your wallet. Learn more: