Dana Point Yacht Ponzi. The Ed Fitzgerald Scandal (photo by Orange County Sheriff's Dept)

By Tom Blake
$6.99 Rating: Not yet rated.
Published: Aug. 03, 2009
Words: 32843 (approximate)
Language: English

Ebook short description

On July 17, 2009, a trusted Dana Point Harbor (Orange County, California) yacht broker and boat charter operator named Ed Fitzgerald, who had worked in the harbor for 25+ years, disappeared with $3 million belonging to an estimated 40 victims, most of them friends, many single moms. He is still on the run. Half of the profits from this book will be paid to the victims. The author knew him well.

Extended description

Ed Fitzgerald was a yacht broker in Dana Point, California, for more than 25 years. He operated a company called Dana Island Yachts that sold and brokered boats, ran whale-watching charters, and rented boat slips that were under his control. He was trusted and well liked.

Often, he could be found at the Wind & Sea restaurant in Dana Point Harbor buying drinks for his boating buddies and had a reputation for loving and consuming Mai Tai’s. He wrecked a few cars and garnered at least two DUIs.

He lived a lifestyle that was above his means so he supplemented it by borrowing money from people in what developed into a Ponzi scheme. He also had other illegal ways of raising money that are discussed in depth in this book.... (Read more) Ed Fitzgerald was a yacht broker in Dana Point, California, for more than 25 years. He operated a company called Dana Island Yachts that sold and brokered boats, ran whale-watching charters, and rented boat slips that were under his control. He was trusted and well liked.

Often, he could be found at the Wind & Sea restaurant in Dana Point Harbor buying drinks for his boating buddies and had a reputation for loving and consuming Mai Tai’s. He wrecked a few cars and garnered at least two DUIs.

He lived a lifestyle that was above his means so he supplemented it by borrowing money from people in what developed into a Ponzi scheme. He also had other illegal ways of raising money that are discussed in depth in this book.

When the economy went south in 2008-2009, Fitzgerald’s income sources started to dry up, his business fell on hard times, and yet he had obligations he had to pay. He got trapped in a perfect financial storm and made a decision around July 17, 2009, to simply disappear. Friends and lenders were shocked, as was the entire Dana Point boating community.

He is still on the run. The Orange County Sheriff investigated the case for about a year and half. In early 2011, the Sheriff sent the case to the Orange County District Attorney. They are reviewing the Sheriff’s report and soon will make a decision to either issue a warrant for Fitzgerald’s arrest, drop the charges, or return the case to the OC Sheriff for more information.

The author, a Dana Point newspaper columnist, knew Fitzgerald well. He has spent two years uncovering details about the case. This is the story. Half of the profits from this book and subsequent media events that might result from this book are being donated to the victims.

Tom Blake

Dana Point, California

June 1, 2011
(Less)

Tags

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