Former Boca Raton Area Stockbroker Arrested for Fake Stock Certificate Scam

Kevin John Therrell surrendered and was booked into Lee County jail on charges that included securities fraud, communications fraud, and the unlicensed sale of securities. The charges stem from his alleged role in defrauding investors out of more than $136,000 through the sale of fraudulent stock certificates.

The victim alleged that he lost more than $50,000 in an investment scheme with Therrell, dba Medex Business Corporation. The victim claimed Therrell sold him 30,000 shares of publicly traded Freightcar America Inc., a railway freight car manufacturing company. The investigation revealed the stock certificates Therrell provided were fraudulent and he did not own any of the company’s legitimate shares and that he used investor money for his personal living expenses. The investigation also identified five victims of Therrell’s scheme, with losses exceeding $136,140. 

The case was investigated by the OFR and is being prosecuted by the Office of the State Attorney for the 20th Judicial Circuit in Fort Myers. The Division of Investigative & Forensic Services (DIFS), Bureau of Insurance Fraud coordinated Therrell’s surrender with his attorney.