Informed, compassionate and discreet elder law and estate solutions
The Charles Law Offices
Largo Office Wells Fargo Building
801 West Bay Drive, Suite 518
Largo, FL 33770
Phone: 727-683-1483
Toll Free: 866-499-3322
Clearwater Office Hodusa Towers
28870 U.S. Highway 19 North,
Suite 300
Clearwater, FL 33761
St. Petersburg Office Crossroads Office Center
1700 66th St. N.,
Suite 209
St. Petersburg, FL 33710

Text Size:

Four Arrested in Florida Scheme that Targeted Retirement Funds

Four people were arrested this past October in a money-laundering scheme that law officials report targeted victims’ retirement funds. The alleged perpetrators hailed from several Florida counties, including Palm Beach County and Broward County, as well as out of state, including South Carolina and Minnesota. They are said to have made off with at least $1.2 million in retirement funds belonging to at least 17 Florida residents through the use of a racketeering scheme, according to the Palm Beach Post. 

The arrests came after a lengthy investigation in which the Florida Attorney General’s office, the Florida Office of Financial Regulation and the Florida Department of Law Enforcement all worked together. While four were arrested, officials are still looking for two other people that they believe were involved with the scam. 

According to officials, the defendants created a fake business in which they bought and sold precious metals as an investment option for clients. While these clients invested hundreds of thousands into the company, less than one percent of the money was actually used for these types of investments. With the use of several shell companies and up to 30 bank accounts, the defendants were able to launder the money. 

The majority of the victims included senior citizens who used huge portions of their retirement funds to make these investments. The alleged perpetrators assured the victims that that their investments would turn a quick profit, making the investment low-risk and high-reward. Some of the victims wiped out their entire life savings on the scheme and were left empty-handed. 

The four defendants, aged 37 through 73, were charged with multiple crimes, including fraudulent securities transactions, racketeering information for grand theft, unlicensed telemarketing and money laundering. If they are found guilty, they face serious jail time, as well as fines and restitution. It could, however, take years before any of the victims hope to see their retirement funds replenished. 

To learn more about establishing retirement funds, consult with the knowledgeable estate planning attorneys of the Charles Law Office, serving clients throughout Florida.

Post a Comment

Your email is never published nor shared. Required fields are marked *

*
*

Contact Form
Close

Contact Us

  • This field is for validation purposes and should be left unchanged.