Seniors are a prime target of con artists, which makes Florida - home to
a large percentage of older Americans - a gold mine for fraudsters. Economic
woes, including the foreclosure crisis, stock market volatility, and job
losses, have also contributed to an ever-increasing number of Florida
victims, according to a Sept. 5 article published on SunSentinel.com.
One such fraud, according to federal prosecutors, is a recent alleged investment
scheme perpetrated by James Davis Risher of Sanibel and Daniel Joseph
Sebastian of Lakeland. Prosecutors alleged that Risher and Sebastian swindled
at least 106 investors, including many retired teachers, out of more than
$21 million in a Florida
Ponzi scheme that promised returns of up to 51 percent. (Risher has agreed to plead
guilty to the fraud.)
To help protect investors, President Obama created the Financial Fraud
Enforcement Task Force, which brought state and federal agencies together
to fight fraud. The government also launched a new website for reporting
suspicious investments: Stopfraud.gov.
The Florida state legislature has decided to expand the Florida Office
of Financial Regulation, which will (in addition to other duties) help
fight investment fraud on a state level.
Scammers and con artists target victims in person, online, through the
mail, and over the telephone. For tips on avoiding Florida investment
For more information, read the full article