General Crime

* Raul Octavio Vicente Arrested by the San Jose Police for Alleged Ponzi Fraud Scheme

On 8/14/10, 7:00 p.m., Raul Octavio Vicente, 52, of Walnut Creek, was arrested on a 1 million dollar warrant and booked into the Santa Clara County Jail on various fraud-related charges following an extensive criminal investigation. Vicente operated ADEK Financial, Inc., a financial and investment advisory business, and maintained offices in Fairfield, Concord, Colma, and San Jose.  Vicente targeted the Spanish-speaking community and defrauded thirty five victims of 2.2 million dollars in a Ponzi scheme in 2006 and 2007, with promises of high profit returns.Vicente regularly held live radio broadcasts on local Spanish radio stations, where he advertised his business and attempted to lure victims to invest their money through his company.  As Vicente failed to gain additional victims to sustain his scheme, he attempted to convince existing victims to reinvest their money through his company for an additional year.  However, after failing to lure additional victims to invest and passing non-sufficien funds (NSF) checks to existing victims, Vicente closed his business, and all offices, at the end of 2007. Prior to Vicente closing his business, some of the victims received partial payment of their investments; however, most victims were not reimbursed any of their investment, prompting the thirty five victims to collectively report Vicente to the police in early 2008. Investigators with San Jose Police Department’s fraud unit arrested Vicente at his place of employment in San Jose without incident, where he was employed in an unrelated field. Anyone having been the victim of Vicente’s scheme or having information about this case is urged to call Detective H. Gutierrez of the San Jose Police Department’s fraud unit at (408) 277-4521.

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