Federal regulators have charged a Longboat Key-based investment firm with operating a $75 million foreign currency trading scheme.

The Commodity Futures Trading Commission claims the Oasis International Group, its CEO Michael J. DaCorta, stole funds from nearly 700 investors for their own use, then lost the rest in Forex trading.

The feds say around $18M of investor money was used for personal expenses ranging from real estate deals to college tuition and sports tickets. Oasis has since been shut down.