Sarasota Man Sentenced to Five Years in Prison for Investment Fraud

Bernard McBride Jr. was sentenced to five years in prison and ordered to pay $245,800 in restitution for his role in a fraudulent precious metals and promissory note scam.

McBride, with his wife Patricia McBride, controlled Tutela Mining, Inc., a Sarasota-based firm that claimed to own and operate a gold mine in California. The investigation revealed McBride used an unlicensed telemarketing firm called Guardian Asset Group, to solicit the general public for several investment opportunities. These investment opportunities included highly leveraged precious metals accounts and convertible promissory notes issued by Tutela.

A review of financial records revealed that more than $585,000 had been transferred to Tutela and the McBrides from Guardian bank accounts, which was used for airfare, lodging, meals, entertainment and various other personal expenses.

This case was developed jointly with the Florida Department of Law Enforcement and was prosecuted by the Florida Attorney General’s Office of Statewide Prosecution.