Police searching for missing dealer

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Police are investigating the disappearance of California yacht dealer Ed Fitzgerald, who allegedly owes customers, investors and employees hundreds of thousands of dollars.

Fitzgerald, owner of Dana Island Yachts in Dana Point, Calif., disappeared last weekend and is wanted by the Orange County Sheriff's Department as a person of interest in a possible fraud investigation, according to a report from KABC-TV in Los Angeles.

Authorities allege hundreds of thousands of dollars may be missing, according to the report. Some victims allege they lost money after investing with Fitzgerald, who promised them a high return. Others allegedly claim they paid years upfront for a boat slip, thinking they were getting a deal.

A note on the company's Web site says, "It is with great sadness that we must announce effective immediately Dana Island Yachts has ceased all yacht charter and brokerage operations while we undergo restructuring. If you had a boat listed for sale, your listing agent will be contacting you shortly."

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