A financial crimes investigation in Florida alleges that a man persuaded Hall of Fame New York Yankees pitcher Mariano Rivera to invest $1 million in a development project scam.
Investigators with the Florida Office of Financial Regulation reported that the project was touted to Mariano Rivera and other investors as being a large-scale Orlando entertainment development. However, it never did proceed as described.
WFTV News reports that investigators say the multi-billion-dollar entertainment and urban development project for downtown Orlando was promoted through a business called Orlando World Live, LLC (OWL). Promotional materials described a $5 billion first phase featuring resorts, theaters, retail stores, museums, esports facilities, live entertainment venues, and an animated film studio.
The project included promotional materials with the slogan “In the City of Worlds, We are Building Manhattan with Better Weather,” which claimed it would feature futuristic transportation and attractions.
The alleged fraudster persuaded Mariano Rivera that the entertainment development project was legitimate and financially secure by providing him with expert presentations, proof-of-funds documents, and other materials. He allegedly supplied forged financial records, including a screenshot purporting to be proof of funds from Chase Bank showing more than $70 million in available funds. Certified bank records, according to investigators, did not substantiate these claims.
Investigators also discovered that, according to City of Orlando records, no one had ever filed permit applications, assessments, or associated documentation for the proposed project. Authorities further claim that numerous alleged contracts, partnerships, and events related to the project were fraudulent.
The developer promised Mariano Rivera a hefty return on his investment
Mariano Rivera allegedly made a $1 million investment in the project in January 2022. According to an affidavit, the developer assured Rivera of a minimum yearly return of 30%.
The affidavit alleges that financial records show Rivera’s funds were not used for business operations, development, or permits. Instead, Rivera’s investment was transferred to the trust account of a New York lawyer before being dispersed to several different parties.
The alleged scammer now faces charges of organized fraud exceeding $50,000, acting as an unregistered securities dealer, and committing investment fraud.