Florida Office of Financial Regulation

Press Release: Preliminary Report Confirms Fraud in Tri-Med Case


For Immediate Release                                 
Thursday, March 27, 2014
Contact: Jamie Mongiovi
(850) 410-9709

Preliminary Report Confirms Fraud in Tri-Med Case
– Allegations raised by the OFR fully supported –
Tampa, Fla. – On March 5, 2014, the Florida Office of Financial Regulation (OFR) filed an emergency action in the Sixth Judicial Circuit Court in Pinellas County, Florida, alleging that Tri-Med Corporation and Tri-Med Associates, Inc., were operating a $13 million Ponzi scheme. A temporary injunction was issued to freeze any assets held by the companies and their principals, as well as the appointment of a receiver. The preliminary conclusions contained in the first status report filed March 25 by the court-appointed receiver, Burt Wiand, state that “there is abundant evidence that the Defendants, through the Receivership Entities, were operating a fraudulent investment scheme.”
“I am pleased that the receiver’s report fully supports the OFR’s investigation,” said Commissioner Drew J. Breakspear. “This case impacts more than 200 Florida investors and we thank the dedicated law enforcement professionals who helped bring those involved to justice.”
Creditors and investors are encouraged to check the informational website, http://trimedreceivership.com/, for more details about the receivership.
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The Florida Office of Financial Regulation provides regulatory oversight for Florida’s financial services providers. Our mission is to protect Floridians, promote a safe and sound financial marketplace, and contribute to the growth of Florida’s economy with smart, efficient and effective regulation of the financial services industry.
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