Florida Office of Financial Regulation

Arrest Made in Suspected Tampa Area Investment Fraud Scheme

05/08/2014

For Immediate Release                                 
Thursday, May 8, 2014
 
Contact: Jamie Mongiovi
(850) 410-9709
 

Arrest Made in Suspected Tampa Area Investment Fraud Scheme
 
Tallahassee, Fla. – The Florida Office of Financial Regulation (OFR) announces the arrest of Floyd C. Raynard by the Pasco County Sheriff’s Office. Raynard, of Trinity, Florida, is accused of operating an investment fraud scheme in the Tampa area. He has been charged with four counts of grand theft in relation to the scheme, which resulted in losses totaling $90,000 to four out-of-state investors.
 
“It is risky to work with an unlicensed individual or company and doing so can lead to financial losses for consumers,” said Commissioner Drew J. Breakspear. “We encourage Floridians to verify licenses before doing business to ensure the individual and entity is in good standing. The OFR is committed to protecting Floridians and working with our partners in law enforcement to bring these criminals to justice.” 
 
The alleged scam involved Raynard selling interests in Global Tracking Technologies, a purported global positioning systems development business for the trucking industry. The OFR investigation revealed that both Raynard and the securities he was selling were unregistered. The case is being prosecuted by the State Attorney’s Office, 6th Judicial Circuit, Pasco County.
 
The OFR urges all consumers to protect themselves and their money.
• Do your homework. Verify the license of the individual or company with whom you plan to do business. 
• Get second and third opinions. Inquire with multiple professionals and find someone who listens and understands your financial goals.
• If it sounds too good to be true, it probably is too good to be true.
 
If you believe you are a victim of fraud, please file a complaint with the OFR online, www.flofr.com, or call (850) 487-9687.
 
# # #