OFR News

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...

08/17/2021

Tallahassee, Fla. – The Office of Financial Regulation (OFR) recently responded to entities who had filed Petitions for a Declaratory Statement concerning their intended business activity of selling virtual currency in the State of Florida. The agency informed those entities that it had changed its previous legal interpretation due to the recent holding in the Florida Third District Court of Appeal’s decision in State v. Espinoza, 264 So. 3d 1055, 1065 (Fla. 3rd DCA 2019).

08/12/2021

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that Richard Leli was sentenced to 18 months in prison and four years of probation for his role in an investment scam. Leli paid $30,000 to a victim and was ordered to pay an additional $9,500 in restitution. He was also ordered to pay additional fees, including court costs and costs of prosecution. CFO Jimmy Patronis said, “I hope this arrest serves as a warning to other criminals that if they...

07/14/2021

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that Yasmani Rodriguez was arrested on charges of mortgage fraud, identity theft, communications fraud, and filing false documents for his alleged role in a mortgage fraud scam. OFR Commissioner Russell C. Weigel, III said, “Thank you to OFR’s investigators, the Collier County Sheriff’s Office, and the State Attorney’s Office for the 20th Judicial Circuit for their diligent efforts...

07/13/2021

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced the filing of a civil complaint in the 15th Judicial Circuit in Palm Beach County alleging multiple violations of the Florida Securities and Investor Protection Act (Chapter 517, Florida Statutes) against Seeman Holtz. The complaint alleges Marshal Seeman, Eric Charles Holtz (now deceased), and Brian Schwartz engaged in a complex securities fraud scheme centered on the sale of promissory notes purportedly...

07/07/2021

Notice of Public Hearing - July 14, 2021 The agency is holding a hearing on to consider the Application for Approval of the Merger of Hillsboro Bank, Hillsborough County, Florida, with and into the Bank of Tampa, Hillsborough County, Florida. Notice - Hillsboro Bank

06/10/2021

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that Thomas Errico was arrested on a charge of communications fraud for his alleged role in a fraudulent mortgage loan modification and investment scam. Attorney General Ashley Moody said, “Proud of my Office of Statewide Prosecution and the Office of Financial Regulation for their work in bringing this criminal to justice. I will continue to fight for Floridians and use every resource available to...

06/04/2021

June 15, 2021 Financial Services Commission Meeting - Public Meeting of the Governor and Cabinet Meeting Materials: OFR Agenda

05/26/2021

Tallahassee, Fla. – While ever-evolving technology makes investing more accessible to greater numbers of people, the informed investor knows that it can also bring significant risk. The Office of Financial Regulation (OFR) today issued an investor advisory to help raise awareness of the impact social media can have on investing. OFR Commissioner Russell C. Weigel, III said, “An impulsive investment today can derail your long-term investing strategy. Take time to research any...

04/23/2021

May 4, 2021 Financial Services Commission Meeting - Public Meeting of the Governor and Cabinet Meeting Materials: OFR Agenda

03/30/2021

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today reminds those with Money Transmitter Part II licenses with an expiration year of 2021, to complete the renewal process before April 30, 2021, to maintain their active license status. Please visit www.flofr.gov/sitePages/MoneyTransmitters.htm, for more information on Money Transmitter Part II license requirements. Florida law requires businesses and individuals to have an active license with the OFR to conduct certain..

03/17/2021

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today called on firms and other regulated entities to ensure that investor protection obligations are being met during recent price volatility in shares of certain publicly traded companies. Commissioner Russell C. Weigel, III, said, “The Office of Financial Regulation is closely monitoring this developing situation and will examine actions by online brokerages and others to ensure that they are in compliance with...

03/09/2021

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today reminded investors to be on the lookout for investment schemes pitched through the internet and social media, particularly those involving precious metals, cryptocurrencies, promissory notes and foreign exchange markets. Schemes related to these products were identified as the top threats facing investors this year in a survey by the North American Securities Administrators Association (NASAA), of which OFR is a member.

03/05/2021

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today celebrates National Consumer Protection Week, recognized February 28 – March 6, 2021. National Consumer Protection Week is a campaign to help people understand their rights as consumers so they can make well-informed decisions about their money. CFO Jimmy Patronis said, “As your CFO, I’ve fought each year to defend Florida consumers from fraud and scams. This year, I’m supporting legislation that...

03/05/2021

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today announced that Claude Saint Jean was arrested on charges of organized fraud, investment fraud, and acting in the capacity of a securities dealer without registration. CFO Patronis said, “To protect Floridians from fraud and scams, it is critical that we work together to hold those who commit financial schemes for their own personal gain accountable. I appreciate the hard work of the OFR..

03/01/2021

March 9, 2021 Financial Services Commission Meeting - Public Meeting of the Governor and Cabinet Meeting Materials: OFR Agenda

02/22/2021

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today celebrates America Saves Week, recognized February 22 – 26, 2021. America Saves Week is a widely recognized national campaign to encourage financial wellness. CFO Jimmy Patronis said, “Saving is an important part of good financial management and helps prepare for unexpected expenses, offset tuition costs or plan for retirement. Taking the America Saves pledge is a great way to create a customized plan to put money...

02/17/2021

Tallahassee, Fla. — The Office of Financial Regulation (OFR) today issued an investor awareness advisory providing information to help investors better understand the potential threats to their online financial accounts and how to protect themselves from cybercriminals. CFO Jimmy Patronis said, “Florida continues to face a fraud epidemic in our state, and I am working to ensure that Floridians have the tools and resources to protect themselves from scam artists.