Murray Todd Petersen, a 73-year-old resident of Fair Oaks, California, was found guilty on January 14 of conspiracy to commit wire fraud and wire fraud. The conviction came after a seven-day jury trial in Fort Lauderdale, Florida.
Petersen worked as a salesman for Petersen & Lowe LLC from March 2013 through August 2019. During this period, he persuaded investors to buy fancy-colored diamonds by making false claims about the safety and security of these investments. He misrepresented the value, expected profits, rates of return, and use of investor funds. After selling overpriced diamonds with fraudulent appraisals, he advised clients to hold onto their investments for one to two years before attempting liquidation.
To meet cash-out demands at inflated appraisal prices, Petersen falsely claimed involvement in a China investment program that promised guaranteed monthly returns. This scheme was actually a Ponzi operation intended to pay off earlier investors. As complaints arose over missing returns and inaccurate appraisals, the scheme shifted again to theft where investors prepaid for undelivered diamonds. Petersen collected approximately $850,000 in sales commissions which he used for personal expenses including paying IRS tax liens.
Following his conviction, Petersen was taken into custody pending sentencing scheduled for April 24 at 10:00 a.m. in Fort Lauderdale. He faces up to 20 years imprisonment per count. His co-conspirators Adam Jonathan Lowe and Scott Schafer were previously convicted on related charges in mid-2024.
The conviction was announced by Acting U.S. Attorney Michael S. Davis for the Southern District of Florida and Special Agent in Charge Jeffrey B. Veltri of the FBI's Miami Field Office.
The investigation was conducted by FBI Miami with prosecution led by Assistant U.S. Attorneys Marc Anton and Latoya Brown; asset forfeiture is being handled by Assistant U.S. Attorney Marx Calderon.
Further information can be accessed on the websites of both the United States Attorney’s Office for the Southern District of Florida and the District Court for the Southern District of Florida under case number 23-cr-60225.