Former New York Yankees closer Mariano Rivera is at the center of an alleged investment scam that authorities say cost the Hall of Famer $1 million.
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According to investigators, a Florida man was arrested this week after allegedly convincing Rivera to invest in what was described as a massive entertainment and development project in the Orlando area, per WESH 2 News.
Steven Minard, 57, faces charges that include scheme to defraud and the sale of an unregistered security, according to court records.
Authorities claim Minard pitched Rivera on a company called Orlando World Live, or OWL, portraying it as a multimillion-dollar development that would eventually include large-scale entertainment attractions and other ambitious projects.
Investigators allege Rivera was told he could receive a 30% annual return on his investment.
Rivera ultimately invested $1 million in early 2022, according to a probable cause affidavit.
However, investigators say the project was not what it appeared to be.
According to the affidavit, authorities found no evidence that key development steps had been taken, including permit applications or other paperwork that would typically accompany a project of that size.
Instead, investigators allege the money was used to cover existing debts.
The affidavit also claims Minard later promised to return Rivera's investment along with interest, which would have totaled approximately $1.4 million. Authorities allege Rivera never received the funds and was instead provided with fabricated financial documents designed to make it appear repayment was on the way.
The investigation eventually expanded to include the Florida Office of Financial Regulation and federal authorities. Minard was arrested and remained in custody as of late this week. Court records show his arraignment is scheduled for June 22.
