Orlando Man Arrested for Alleged Role in Elder Investment Scam

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that Anthony Michael Hernandez was arrested on charges of organized fraud, exploitation of an elderly person, selling securities as an unregistered person, and depositing funds in a bank with intent to defraud. Hernandez was booked into the Orange County Jail. His bond was set at $1.95 million.

Attorney General Ashley Moody said, “This defendant placed misleading advertisements on television and social media, tricking victims, including many seniors, into believing that their investment would bring back big returns. Instead, the defendant used their money to pay personal expenses. Working with state and federal partners, we have shut down this devious investment scheme and will hold the defendant accountable in court.”

OFR Commissioner Russell C. Weigel, III, said, “We will continue to work with our partners to stop financial fraud and protect Floridians from scammers. Thank you to OFR’s investigators, the Florida Department of Financial Services, Division of Investigative and Forensic Services, and Attorney General Ashley Moody’s Office of Statewide Prosecution for their hard work to bring this case forward.”

According to documents submitted to the court by OFR investigators for issuance of the arrest warrant, the charges against Hernandez stem from his alleged involvement in a more than $1.6 million investment fraud scheme that victimized more than 300 mostly elderly investors in 37 states, including Florida. The court documents allege that Hernandez used television and social media advertisements to lure individuals to invest in pre-IPO shares of his company, Oi2GO Media Technologies, Inc. Hernandez purportedly claimed that the company was the Spanish-language equivalent of Netflix, with a network of 1,700 online radio stations and more than 1,000 affiliated radio stations. He also allegedly claimed that his company had a wide advantage over other video and digital streaming companies such as Netflix, YouTube, Amazon and iTunes. However, the court documents allege that OFR investigators found no evidence that Oi2Go had a network of 1,700 online radio stations or affiliated radio stations and the vast majority of money obtained from investors was used by Hernandez to fund his personal lifestyle.

The OFR investigated the case and the Florida Department of Financial Services, Division of Investigative and Forensic Services secured the arrest. Attorney General Ashley Moody’s Office of Statewide Prosecution is prosecuting the criminal case.

Floridians who suspect a financial scam or questionable business practices are encouraged to submit a complaint online at www.flofr.gov, or by calling (850) 487-9687.