The Triton


Head of yacht sharing company indicted


The head of Waters Club Holdings Inc., a member-based yacht fleet club that solicited investors and business partners, has been indicted, according to the U.S. Department of Justice. Andrew Deme, 51, of Fort Lauderdale, was arrested with conspiracy and fraud offenses related to an investment fraud scheme.

A federal grand jury in New Haven, Connecticut, returned a five-count indictment Nov. 30 that charged Deme, president, chief executive office and chief financial officer of Waters Club Holdings, according to an investigation by the U. S. Attorney for the District of Connecticut, the Federal Bureau of Investigation and IRS Criminal Investigation.

The indictment alleges that the company was “not in sound financial condition, and a substantial portion of investors’ money was not used to develop the business” and that half of the money invested was misappropriated for the personal use of Deme and his co-conspirators.

The indictment charges Deme with one count of conspiracy to commit mail and wire fraud, two counts of wire fraud, and two counts of mail fraud. Each charge carries a maximum of 20 years in prison. Deme was arrested Dec. 5 in Florida and is released on a $100,000 bond pending his arraignment in Connecticut.

Anyone with information in the ongoing investigation, or people who believe they may have been victimized by this scheme, are encouraged to contact the FBI at +1 203-777-6311.

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Dorie Cox is editor of The Triton.

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