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.

About Dorie Cox

Dorie Cox is editor of The Triton.

View all posts by Dorie Cox →

Related Articles

Bahamas pig bites captain

Bahamas pig bites captain

While in Big Major Cay over the Christmas holiday, Capt. Michael Crosby took two teenage guests to shore to feed the pigs, as he has done many times before. “We are all well versed in proper …

Enthusiasm and attitude take you far

Recently, I wrote about deliveries of yachts and it brought back lots of memories. I also started thinking about enthusiasm and attitude, which led me to thinking about someone I haven’t seen …

Don’t disembark from yachting without an exit strategy

Don’t disembark from yachting without an exit strategy

Some days it just may feel like we’ve had enough. The day-to-day issues are starting to wear on us. There is a lot thrown at everyone in their professions, but sometimes in yachting, with the close …

Estate managers group good fit for shore crew

There comes a time in most yachting careers when crew toy with the idea of moving ashore. Often, it doesn’t last long as the realities of sitting in an office all day or watching take-home pay …

Law firm opens financial arm

Law firm opens financial arm

  Luxury Law Group, a Fort Lauderdale-based law firm that focuses on yachts, jets and real estate, has launched Luxury Financial Group, a financial division to help its high net worth clients …

ISS working to become ISO liaison

ISS working to become ISO liaison

The International Superyacht Society is seeking a voice within the International Standards Organization by becoming a liaison. Industry experts and liaison organizations drive all aspects of the …


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.