ORLANDO, Fla. — Legal troubles are continuing to grow for an Orlando man who has now pleaded guilty in a $25 million federal fraud case.
Andres Fernandez and his company, Kadaae Entertainment, promised investors huge profits for throwing concerts by big names like Julio Iglesias and Pitbull.
Officials said Fernandez and his company also claimed to have produced a concert featuring artists such as Jay-Z, Snoop Dogg and Kendrick Lamar as part of an "Art of Rap" tour in 2016, according to officials.
Investors said they never saw a dime after making wire transfers to Fernandez's account.
The Securities and Exchange Commission has filed charges against Fernandez and Edison Denizard for what it calls concert Ponzi schemes as officials believe the men never had any connection with the concert or the performers.
In total, it's believed the men raised more than $31 million from 134 investors.
Part of what helped convince the investors was the fact that the men put on successful events with local artists.
Fernandez has already pleaded guilty to 12 counts of wire fraud and could face 20 years in prison. Restitution for victims adds up to nearly $15 million.
Fernandez is set to be sentenced on Jan. 20.
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Cox Media Group