Former Naples Man Sentenced for Role in Investment Scam
11/17/2022
Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that Konstantinos Konstantinou was sentenced to four years in prison for his role in a fraudulent investment scheme against an elderly couple. Konstantinou was also ordered to serve 25 years’ probation and to pay $707,395 to his victims. The sentence follows a September 2022 guilty plea.
OFR Commissioner Russell C. Weigel, III said, “Thank you to OFR’s investigative team and the State Attorney’s Office, 20th Judicial Circuit, Economic Crimes Unit, for their diligent efforts in this case. The Office of Financial Regulation will continue to work tirelessly to bring financial criminals to justice.”
Konstantinou offered to purchase United States Treasury Bonds (T-Bonds) for an elderly couple. However, the OFR investigation revealed that Konstantinou misused the investment money, including purchasing a personal residence for himself in Pinehurst, NC. Konstantinou was not registered as a securities dealer at the time he solicited the investment. The victims are estimated to have lost more than $700,000 to this scam.
The case was investigated by the OFR and prosecuted by the State Attorney’s Office, 20th Judicial Circuit, Economic Crimes Unit.
Floridians who suspect questionable financial business practices are encouraged to submit a complaint online at www.flofr.gov, or by calling (850) 487-9687.