Prosecutors: Man Posed as Saudi Royal to Dupe Investors Out of Millions

A Florida man has pleaded guilty to impersonating a Saudi royal to dupe investors out of millions of dollars, the Miami Herald reports. The man, identified by Miami prosecutors as 47-year-old Anthony Gignac, allegedly used the alias “Sultan Bin Khalid Al Saud” to steal about $8 billion from at least 26 victims worldwide. In keeping up with the false persona to elicit lavish gifts from investors, he allegedly drove a Ferrari with a diplomatic license plates and had the nameplate “Sultan” placed on his front door. “He falsely told others that he had diplomatic immunity and was required to check in with the U.S. Department of State every few hours,” the U.S. attorney’s office said. Several investors reportedly fell for the act and gave him millions for business deals that didn’t exist. He also allegedly posed as a royal in an attempt to buy a Miami hotel. His sentencing is scheduled for Aug. 7.