What has the State of Florida, Office of Financial Regulation (“OFR”) alleged that the Defendants did wrong?
The OFR alleged in its Amended Verified Complaint for Temporary and Permanent Injunction and Appointment of Receiver (“Amended Verified Complaint”), and in other filings, that the Defendants violated the registration and anti-fraud provisions of Chapter 517, Florida Statutes, and the prohibitions against soliciting or receiving funds for deposit without being authorized to do business in the state of Florida as a financial institution. The Complaint further alleges that for at least 15 years, the Defendants offered and sold unregistered securities identified as the “Employee Investment Savings Account” program or “E.I.S.A.” The Complaint further alleges that the Defendants engaged in securities fraud by making a variety of misrepresentations that lulled individual E.I.S.A. investors into believing their investment “deposit” was safe, secure and residing in U.S. financial institutions, and were insured by the FDIC or other insurance guaranteed the investment. See Amended Verified Compla
