Oscar Villarreal, the young Mexican businessman seen as a rising star in the Northeast Ohio business community, has been indicted by a grand jury on 19 counts of fraud and money laundering.
Villarreal, now 29, swindled millions of dollars from 51 of Cleveland’s most prominent figures on the business-civic-leader matrix, promising massive returns on investment for funds related to petroleum and steel in his native Mexico.
The charismatic Villarreal endeared himself to Cleveland higher-ups by moving to Gates Mills and joining cultural boards, and then paying an initial group of investors a 30 percent return. He used later investments to play the stock market and furnish a lavish lifestyle for himself, complete with European sports car and Steinway grand.
Villarreal is currently a fugitive in Mexico, but the FBI’s on the case. They’re seeking tips about his current location.
This article appears in Sep 17-23, 2014.
I’m really not going to hold my breath in the hopes that they’ll catch him soon.
You’d think that the “social and business elite” would be smart enough to know that if it sounds too good to be true, then it probably is.
Some folks were inherently greedy, and this guy had a plan in place to exploit their blind spot. Unfortunately, the fourth estate was an unwitting accomplice in the ruse, based on what I see written about this clown in the society pages.
Sorry, I could care less. If they caught him, he’d just get the Bernie Madoff treatment anyway.