Dermis Hernandez, a 41 year-old Miami police officer was arrested by the FBI back in January 30th for allegedly participating in a Ponzi scheme involving fake investments in properties in Costa Rica.

The cop was arrested while trying to flee to Costa Rica at the Fort Lauderdale International Airport.

Hernandez , who is married to a Costa Rican national, was charged by complaint with a conspiracy to commit wire fraud, the Department of Justice explained: “It is alleged that, Hernandez told investors that their investment funds provided loans for the property owners in Costa Rica whose real property would be used as collateral for the loan and forfeited if the loan was not paid. In truth, Hernandez and his co-conspirators used the majority of investor funds for personal enrichment and to pay the returns of other investors”. A criminal complaint is merely an allegation and every defendant is presumed innocent until proven guilty.

A federal judge allowed Hernandez to post $40,000 bond, but was made to wear an electronic monitor and remain on house confinement while he awaits trial. Hernandez, pleaded not guilty.

Apparently, Hernandez pitched fellow cops to invest in his Costa Rican loan company and expect returns of over 20%. The suspect appears in the Costa Rica National Property Registry as part of three corporations, one of them has a property registered in Tempate, Santa Cruz, Guanacaste and another in Sardinal, Carillo, Guanacaste.

The FBI states that the scheme was run between 2011-2015 through a company called DD&M Investments; victims would invest anywhere between $10,000.00 to $125,000.00 or more.