An Orange County businessman who allegedly portrayed himself as one of the richest men in Africa has been arrested in a $1.8 million fraud scheme.

Amadou Kane Diallo, 44, a Senegalese national living in Laguna Niguel, was arrested Thursday on federal charges alleging he solicited investments under false pretenses while using the funds to support a lavish lifestyle, according to the U.S. Attorney’s Office.

Officials said Diallo fraudulently obtained more than $1.8 million from at least 11 victims who were told their “investments would allow them to reap the benefits of Diallo’s supposed business successes while facing little to no risk,” officials said.

As the CEO of two Newport Beach-based companies – Virtual Advisors LLC and Liquide, Inc. — Diallo allegedly used the companies to solicit investments for business opportunities in various sectors including technology, healthcare, real estate, home ownership and service to the African diaspora.

Diallo allegedly made false claims to his victims including that he had raised hundreds of millions of dollars for another investment firm and its real estate investment fund, according to the indictment.

Instead, Diallo allegedly used investors’ funds to support his lavish lifestyle which included buying luxury vehicles, clothing, expensive dinners, paying rent and hosting lavish events for foreign government officials.

Authorities seized a number of items related to alleged fraud including three luxury vehicles – a Ferrari SF90 Stradale, a Rolls-Royce Phantom and a Range Rover – a Harry Winston ring worth approximately $12,500, and a brokerage account containing around $500,000 worth of stocks.

Diallo was charged with 19 counts of wire fraud and two counts of money laundering. If convicted, he faces up to 20 years in prison on each of the wire fraud counts and up to 10 years on each money laundering count.

Anyone who may be a victim of Diallo is asked to contact the Fraud Section’s Victim Witness Unit at 888-549-3945 or email