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U.S. Securities and Exchange Commission

Socialite found guilty of mail fraud got $55M from victims, feds say

Socialite found guilty of mail fraud got $55M from victims, feds say

Former Wellington socialite Joseph Zada was taken into custody in a federal courtroom Thursday after a jury found him guilty of 15 federal charges of mail fraud. Zada, 57, who split his time between Michigan and Palm Beach County, had been free on bond until the verdict was issued. Federal prosecutors said Zada, who was a fixture in South Florida's equestrian and social circles, persuaded dozens of victims — including NHL star Sergei Fedorov, Olympics star Robert Dover and several firefighters from Palm Beach and Martin counties — to give him millions of dollars he said he would invest in oil in the Middle East. When Zada was first indicted in September 2013,...

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