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Frank DeSantis sent to prison for nine years for running operations of companies which convinced investors to invest in foreign currency options.

01/31/09 - WEST PALM BEACH — A Stuart man has been sentenced to prison after pleading guilty in an investment scam and failure to pay taxes, according to a news release for the U. S. Department of Justice.

U.S. District Court Judge Daniel T. Hurley on Friday sentenced Frank DeSantis, 40, to nine years in prison and six years of supervised release for each charge of conspiring to commit mail and wire fraud and conspiracy to defraud the Internal Revenue Service, according to a news release from the U.S. Department of Justice.

Restitution will be determined at a later date, according to the release.

In August, DeSantis admitted to participating in conspiracy to commit mail and wire fraud while operating and having a financial interest in several investment and telemarketing rooms throughout South Florida.

DeSantis oversaw the operations of the companies and convinced investors to invest in foreign currency options, known as “forex,” by telling them they could make high profits with little risks. However, he did not tell buyers that 95 percent of investors lost money and that the self-regulatory organization for the U.S. futures industry, the National Futures Association, had barred him from acting as a broker. Also, DeSantis failed to pay more than $2 million in income taxes to the IRS from 2002 to 2005, the release states.