OFR News

08/12/2022

Tallahassee, Fla. - Since at least 2012, a “money transmitter” in Florida has been defined as “a corporation, limited liability company, limited liability partnership, or foreign entity qualified to do business in this state which receives currency, monetary value, or payment instruments for the purpose of transmitting the same by any means, including transmission by wire, facsimile, electronic transfer, courier, the internet, or through bill payment services or other businesses that...

07/27/2022

Recently, the insurance ratings agency, Demotech, Inc. (Demotech), which provides financial stability ratings of Florida property and casualty insurers, indicated that it may downgrade ratings for up to 17 Florida insurance carriers. On July 25, 2022, Demotech President Joseph Patrelli stated in an e-mail to the Commissioner of the Florida Office of Insurance Regulation (OIR), that Demotech had informed these 17 insurance companies that the ratings agency did not intend to take any rating action until...

06/09/2022

Tallahassee, Fla. – Today, Office of Financial Regulation (OFR) Commissioner Russell C. Weigel, III, offered the following statement on Governor DeSantis signing Florida Senate Bill 1680 – Financial Institutions. This bill revises outdated language and modernizes Florida’s banking laws. The bill also allows banks to propose an online presence instead of requiring a brick and mortar footprint. The bill has an effective date of July 1, 2022.

06/07/2022

Tallahassee, Fla. – Today, with the signing of the Fiscal Year 2022-2023 budget by Governor Ron DeSantis, the Office of Financial Regulation (OFR) highlighted the resources that ensure Florida continues to be a leader in financial modernization and an attractive place for the financial services industry to do business. OFR Commissioner Russell C. Weigel, III, said, “Thank you, Governor DeSantis, for your efforts to keep Florida on the forefront of innovation and financial technology.

06/01/2022

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that Owayne Anthony Bradbery was sentenced to five years in state prison to be followed by ten years of probation for his role in stock and real estate investment scams. He was also ordered to pay $136,000 in restitution to victims. OFR Commissioner Russell C. Weigel, III said, “Thank you to OFR’s investigative team, the West Palm Beach Police Department, and the State...

05/13/2022

Tallahassee, Fla. – Today, Office of Financial Regulation (OFR) Commissioner Russell C. Weigel, III, offered the following statement on Governor DeSantis signing Florida House Bill 273 – Money Services Businesses. OFR Commissioner Russell C. Weigel, III, said, “The Office of Financial Regulation is committed to fostering innovation in the financial services industry while ensuring Floridians are protected from scams and bad actors. I thank Governor Ron DeSantis for supporting...

05/13/2022

Tallahassee, Fla. – Today, Office of Financial Regulation (OFR) Commissioner Russell C. Weigel, III, offered the following statement on Governor DeSantis signing Florida House Bill 273 – Money Services Businesses. OFR Commissioner Russell C. Weigel, III, said, “The Office of Financial Regulation is committed to fostering innovation in the financial services industry while ensuring Floridians are protected from scams and bad actors. I thank Governor Ron DeSantis for supporting..

05/05/2022

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that Marko Dejanovic was arrested for his role in an alleged fraudulent investment scheme. Victim losses are estimated to be more than $377,000. CFO Jimmy Patronis said, “Our OFR and DIFS teams are committed to rooting out fraud and protecting Florida consumers. Fraud in all forms is wrong but it’s especially upsetting when it’s perpetrated by someone you thought you could...

03/29/2022

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today reminds Money Transmitter Part II licensees with an expiration year of 2022, to complete the renewal process before May 2, 2022, to maintain their active license status. Florida law requires businesses and individuals to have an active license with the OFR to conduct certain types of financial services business.

03/25/2022

allahassee, Fla. - The Office of Financial Regulation (OFR) today announced that Sammie Sue Doss was arrested for her role in an alleged fraudulent advance fee for loan scheme. She is charged with grand theft, fraudulent use of personal identifying information, and violating Florida’s loan broker laws. Victim losses are estimated to be more than $17,000. Florida Chief Financial Officer Jimmy Patronis said, “Fraud can ruin lives and it’s especially...

03/22/2022

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today reminds Floridians to be aware of investment scams and top investor threats when making an investment decision. The top threats for 2022 were determined by a survey of securities regulators conducted by the North American Securities Administrators Association (NASAA). The annual survey is designed to identify the most problematic products, practices, or schemes facing investors. The following were cited most often by...

03/09/2022

Tallahassee, Fla. - Strong cybersecurity measures are critically important and vulnerabilities present risks to businesses and their infrastructure. The Office of Financial Regulation (OFR) today reminds Florida financial services businesses and professionals to stay updated on the latest cybersecurity measures and possible threats.

02/23/2022

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today celebrated America Saves Week by highlighting financial wellness resources to help Floridians secure their financial future. America Saves Week, recognized February 21-25, 2022, is an annual national campaign to encourage Americans to learn and practice good financial management habits. OFR Commissioner Russell C. Weigel, III said, “Building a secure financial future is important for every Floridian. The...

01/25/2022

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today issued an investor advisory to raise awareness about decentralized finance (DeFi), a relatively new blockchain-based group of financial services gaining popularity. OFR Commissioner Russell C. Weigel, III said, “DeFi-based companies offer lending, banking, and investing options that are decentralized and not dependent on traditional financial markets. This evolution of financial services is not necessarily a bad thing ...

01/24/2022

Tallahassee, Fla. - The Office of Financial Regulation (OFR), along with financial regulatory agencies from 41 other states, today announced that settlement agreements were reached with more than 400 mortgage loan originators nationwide who falsely claimed to have completed their state and federal required annual continuing education. Instead, these mortgage loan originators paid an education provider to issue them false education certificates when the “students” had not attended any training...

01/07/2022

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that 14 immediate final orders were issued against certain purported entities for marketing banking services to the public without holding an approved Florida bank charter. These actions were taken to protect Florida consumers from potential financial harm related to unauthorized banking activities that the entities claimed they performed. The orders require Ledge Community Credit Union, Fedro Bank, US Collector Bank, REIT...

12/03/2021

Tallahassee, Fla. – The Office of Financial Regulation’s (OFR) renewal cycle is underway for businesses and individuals licensed with OFR under Chapters 494, 517, 559, F.S., and a portion of the businesses licensed under Chapter 560, F.S. Businesses and individuals are reminded to complete the renewal process to maintain their active license status. Florida law requires businesses and individuals to have an active license with the OFR to conduct certain types of financial services business.

12/03/2021

OFR Issues Immediate Final Order Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that an Immediate Final Order, requiring FlyGate Trust Bank to cease and desist, was issued for marketing banking services to the public without an approved Florida charter. The action was taken to protect Florida consumers from potential financial harm related to unauthorized banking activities that the company claimed it performed. These included receiving funds for deposit,...

11/30/2021

Legislation Filed to Stimulate the Creation of a Capital Market Ecosystem in Florida Tallahassee, Fla. – The Office of Financial Regulation (OFR) today announced that legislation to stimulate the creation of Florida’s capital market ecosystem has been filed by Representative Joe Harding. HB 779 reforms the Florida Securities and Investor Protection Act and creates a regulatory framework that will help stimulate the growth of a self-sustaining, in-state capital market where many newly...

10/07/2021

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that Obed Guzman was arrested for his role in an alleged mortgage fraud scheme. He was charged with violating Florida’s mortgage loan and loan originator laws, communications fraud, filing false documents against real property, and mortgage fraud. Victim losses are estimated to be $200,000. CFO Jimmy Patronis said, “I hope this arrest serves as a warning to other criminals that if they commit fraud...