Florida Man Charged with Running Multi-State Ponzi Scheme
Defendant allegedly defrauded victims in Massachusetts, Florida and elsewhere of millions of dollars
BOSTON / Tuesday, April 14, 2026 – A Florida man was arrested today for allegedly defrauding investors who believed they were funding short-term, high-return loans for real estate transactions or storm damage repair.
Jose Bello, 38, was charged with four counts of wire fraud. He made an initial appearance in the Southern District of Florida and will be arraigned in federal court in Boston at a later date.
According to the charging document, Bello told investors that he worked with a group that would invest its money in short-term financing that Bello variously referred to as “private lending,” “gator lending” or “hard-money lending.” It is alleged that Bello recruited investors through friends and family and over Facebook and Discord. Bello allegedly gave investors fake descriptions of the investment opportunities and claimed that the loans were for repairs caused by storm damage. It is alleged, however, that Bello did not invest any of the funds he received from victim investors. Instead, Bello allegedly used the money to pay purported returns to earlier investors and otherwise gambled with investor funds. It is further alleged that Bello made false statements and excuses to investors as to why he had not made promised interest payments and/or could not return the investors’ principal. It is alleged that Bello obtained at least $5.7 million from investors and caused them to lose at least $1.8 million in purported investments.
The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss from the offense, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.
United States Attorney Leah B. Foley and Ted E. Docks, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Assistant U.S. Attorney David M. Holcomb of the Criminal Division is prosecuting the case.
The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
Source: U.S. Attorney's Office, District of Massachusetts
