Press Releases

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

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...

08/12/2021

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...

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...

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...

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..

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...

01/28/2021

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today announces its support for Governor Ron DeSantis’ Florida Leads Budget. Commissioner Russell C. Weigel, III, said, “The Florida Leads Budget will help the Office of Financial Regulation ensure the growth of Florida’s financial services industry and protect Floridians from financial fraud. I thank Governor DeSantis for his efforts to provide an environment for innovation and expansion of the financial services...

01/28/2021

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced the arrests of Nelson Armondo Garcia and David Aubel (aka David Kost) on charges related to their alleged involvement in a $2.4 million fraudulent investment scheme that victimized at least 12 Florida investors. Garcia, who was arrested on Dec. 17, 2020, was extradited from North Carolina to Broward County to face charges of engaging in a securities fraud conspiracy and unlicensed telemarketing. Aubel, who was...

01/27/2021

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today announced that applications for the financial technology sandbox innovator license are now being accepted. Regulatory sandboxes create a mechanism to allow financial technology companies to bring innovative, consumer friendly products, like new payment services, to market more quickly while still ensuring adequate customer protections are in place. CFO Jimmy Patronis said, “I am thrilled that applications are now being...

12/23/2020

Tallahassee, Fla. - The Florida Office of Financial Regulation (OFR) today announced its calendar year-end accomplishments for 2020, highlighting its support of Florida's financial services consumers and the financial services industry. OFR Commissioner Russell C. Weigel, III, said, "I thank Governor Ron DeSantis for his leadership and continued support of OFR's mission. We are proud to come to work every day to foster innovation and keep Florida's...

11/18/2020

Today, OFR Commissioner Russell C. Weigel, III, offered the following statement regarding International Fraud Awareness Week. “As we recognize International Fraud Awareness Week, we are reminded that fraud takes many shapes and forms, including consumer fraud, tax fraud, identity theft and many others. I encourage every Floridian to explore the resources available to educate and protect yourself and your loved ones from the devastating impacts of fraud. The OFR team is committed to...

11/09/2020

Tallahassee, Fla. - The Florida Office of Financial Regulation (OFR) today announced the Oct. 22 arrest of David Bruce Cohen of Boca Raton on charges of grand theft, organized fraud and money laundering for his alleged involvement in an investment fraud scheme that resulted in approximately $1.5 million in victim losses. CFO Jimmy Patronis said, “Fraud in Florida has reached epidemic proportions and we must do all we can to protect our consumers from...