Santa Rosa Beach Man Arrested in Alleged Advance Fee for Loan Scheme

Tallahassee, Fla. – The Florida Office of Financial Regulation today announced that William Earle North was arrested on felony charges of grand theft and collecting an advance fee while acting as a loan broker. North is alleged to have assessed and collected a $15,000 advance fee from two prospective borrowers on the promise of securing a $7.5 million loan for the construction of two marina facilities. 

Alex Toledo, OFR Acting Bureau Chief of Financial Investigations, said "It is illegal in Florida for a loan broker to assess or collect a fee in advance of a loan closing. The Office of Financial Regulation will continue fighting to ensure that financial criminals are brought to justice and that Floridians are protected from these types of financial scams.”

North claimed to be a “finance broker and consultant.” He promised victims that he could secure financing within 30 days and guaranteed to refund his fee if he could not meet the terms of their agreement. North demanded upfront payment of the $15,000 fee, which victims paid. After 45 days passed and no loan materialized, the victims requested a refund. North failed to refund the fees despite promises to do so.

The OFR investigation was opened based on a referral from the Florida Attorney General's Office. In April 2018, OFR brought an administrative action against North for the same offense, and issued a final order requiring that North cease and desist from any and all future violations of Ch. 687, F.S. North was ordered to pay a $5,000 fine. 

The criminal case is being prosecuted by the Clay County State Attorney's Office.

If you’re the victim of a financial scam or if you suspect questionable financial business practices, please file a complaint online at  www.flofr.gov, or call OFR (850) 487-9687.