The high-stakes facade of diamond investment took a hit as the hammers of justice fell on Diamond Desk Corp. and PetersenLowe, LLC. Adam Jonathan Lowe, at 43, was handed a sentence over 6 years by Judge David Leibowitz just yesterday, following a slate of charges including conspiracy and committing wire fraud. Lowe's forecast includes three years of supervised release and a restitution payment to the victims post-incarceration.
Falling in the footsteps of his co-conspirator, Murray Todd Petersen, aged 73, met his fate with a stiffer sentence of 9 years after a jury trial in Fort Lauderdale, Florida, Petersen, much like Lowe, is expected to serve three years of supervised release and make good on the harm done in monetary terms, compensating the tricked investors although, curiously, Scott Schafer, their third man in the scheme only received five years probation which witnesses might consider a slap on the wrist.
According to the Southern District of Florida U.S. Attorney's Office, Lowe's role as both The Diamond Desk's president and PetersenLowe, LLC’s manager marked him as the key supplier of fancy-colored diamonds - items that Petersen would then sell, bolstered by deceptive appraisals, promising safe investments and inflated returns. The entire operation, which promised a five to eight percent return, was eventually exposed as a Ponzi scheme cloaked in layers of deceit.
Murray Todd Petersen, exploiting his role as a salesman, did so adeptly enough to net approximately $850,000 in commissions, funds he used to settle substantial IRS tax liens and prop up his business expenses - this no small feat when considered against the staggering $13 million total and the no less than 100 victims caught in this web of lies, the FBI Miami’s diligent efforts brought light to this malfeasance and culminated in justice being served.
Issued statements by the U.S. Attorney Hayden P. O’Byrne and acting Special Agent in Charge of FBI Miami, Brett D. Skiles, provided details on the case, which was investigated by FBI Miami and prosecuted by Assistant U.S. Attorneys Marc Anton and Latoya Brown, while Assistant U.S. Attorney Marx Calderon handled asset forfeiture. More information on the case can be accessed 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.
