North Miami Woman Arrested in Alleged Advance Fee for Loan Scam
11/06/2020
Tallahassee, Fla. - The Florida Office of Financial Regulation (OFR) today announced the Oct. 20 arrest of Lucille Poag, 83, of North Miami. Poag voluntarily surrendered to law enforcement in Miami-Dade County after being charged with felony grand theft, organized scheme to defraud, and violations of Florida’s loan broker laws. The charges stem from Poag’s alleged involvement in an elaborate advance fee for loan scheme, which resulted in victim losses of approximately $420,000.
CFO Jimmy Patronis said, “Holding those who seek to defraud the people of Florida accountable is one of my top priorities. Thank you to the Florida Office of Financial Regulation for your hard work and commitment to safeguard citizens from elaborate schemes and fraud.”
OFR Commissioner Russell C. Weigel, III, said, “I am proud of our OFR investigators and their hard work on this case. This scammer allegedly stole $420,000 from more than 200 victims in this case. Our agency will continue fighting these types of scams so we can keep Florida's financial marketplace safe for businesses and families across the state."
Poag previously had a real estate broker license that was revoked in 2016. For more than a decade, Poag allegedly placed classified advertisements within the Miami area offering homebuyers assistance with obtaining government grants of up to $65,000. Upon receiving responses to these ads, Poag represented that she had direct connections to a government grant program intended for first-time homebuyers, minorities and low-income families. Victims claim that Poag explained the grant process to them and then requested a “down payment” in the amount of $1,800, which Poag claimed would be remitted to the government or a third-party escrow agent in order to facilitate the grant funding.
Victims claim that after paying the “down payment,” Poag would advise them that they were approved for the grant and were qualified to obtain a low-cost residential mortgage loan. The OFR’s investigation revealed that from January 1, 2015, through April 30, 2020, Poag received approximately $420,000 from at least 240 victims. Most victims were never given the opportunity to complete a loan or grant application. The OFR's analysis of relevant bank records revealed that Poag used victims’ funds to pay for personal expenses, rent payments for office space and to provide refunds to select victims. The OFR’s investigation found no evidence that any grants or loans were secured by Poag for any of the victims.
The OFR investigation was opened based on a consumer complaint referred by the Florida Office of the Attorney General. The case is being prosecuted by the Economic Crimes Unit of the Miami-Dade County State Attorney’s Office.
The OFR investigation was opened based on a consumer complaint referred by the Florida Office of the Attorney General. The case is being prosecuted by the Economic Crimes Unit of the Miami-Dade County State Attorney’s Office.