The Triton

Editor's Pick

Yacht share program head sentenced, company moves forward

ADVERTISEMENT

The head of a yacht sharing program convicted of defrauding investors has been sentenced to 18 months in federal prison by a Connecticut court. Andrew Deme, 52, of Fort Lauderdale, was arrested last year and pleaded guilty on March 15 to one count of conspiracy to commit wire and mail fraud. He is out on $100,000 bond until he is to report to prison on July 12 and has been ordered to pay more than $1.2 million to investors.

According to U.S. Securities and Exchange Commission (SEC) documents, it was “alleged that half of all money paid by investors for shares of the company’s common stock (approximately $675,000) was used by Mr. Deme for the unlawful payment of sales commissions or finder’s fees to promoters.”

Deme resigned in late 2017 and James James, a former director of the company, was named as the president and chief executive officer. James is general manager of Yacht Chandlers in Fort Lauderdale.

The program, Waters Club Holdings Inc., was sold as a membership-based club for members to have use of a fleet of yachts at various cruising destinations around the world. April filings with the SEC show the company settled with Deme and is moving forward with the charter company.

Those documents state that the company has “entered into an exclusive charter contract with one of the company’s yacht charter vendors, with an option to purchase a yacht if executed prior to Sept. 31, 2018.”

Company operations were suspended in the U.S. Virgin Islands as the area is rebuilt after the 2017 hurricane season and operations have moved to the Bahamas for this year. Charter operations are expected to begin in the Virgin Islands “before the end of 2018, conditions permitting.”

Related Posts...
Charter yacht owner Laurent Marc-Antoine Jean Maubert-Cayla was arrested in Read more...
American Flag Americans who own yachts Read more...
Capt. John Burgess, of Fort Lauderdale, was found dead after Read more...
At least 20 people are dead and more are injured Read more...
Brightline, the only privately owned, operated and maintained passenger rail Read more...

Share This Post

About Dorie Cox

Dorie Cox is editor of The Triton.

View all posts by Dorie Cox →

Leave a comment

Your email address will not be published. Required fields are marked *

Please answer the question below to leave a comment. * Time limit is exhausted. Please reload CAPTCHA.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Editor’s Picks

Charter yacht owner charged in death

Charter yacht owner Laurent Marc-Antoine Jean Maubert-Cayla was arrested in August in relation to the death of a guest on board his yacht, …

Large yachts can now carry US flag

Large yachts can now carry US flag

Americans who own yachts larger than 300 GT can now flag them in the U.S., thanks to an amendment included on a bill signed Aug. 13 by …

Boats and brokers in the news: Lady Sara goes to auction

Boats and brokers in the news: Lady Sara goes to auction

M/Y Lady Sara, a 187-foot Trinity Motor Yacht, will be auctioned for sale by the U.S. Marshal on Sept. 6 in Fort Lauderdale at 12:00 …

Popular yacht crew ‘dive bar’ to close after 23 years

Popular yacht crew ‘dive bar’ to close after 23 years

By Dorie Cox Jeff Rudd looked for a place to move his “dive bar”. But, realistically, he cannot. He has run the The Treasure Trove, …