Florida Office of Financial Regulation

Press Release: Former Ocala Area Man Arrested for Investment Fraud

03/12/2015

For Immediate Release                                 
Thursday, March 12, 2015
 
Contact: Jamie Mongiovi
(850) 410-9709
 
Former Ocala Area Man Arrested for Investment Fraud
 
Tallahassee, Fla. – The Florida Office of Financial Regulation (OFR) announces the March 9 arrest of James Allen Hall in Kansas by the Crawford County Sheriff’s Office. Hall has been charged with grand theft, and he is currently awaiting extradition to Florida. The case is being prosecuted by the Office of Statewide Prosecution in Orlando. The OFR initiated the investigation into Hall as a result of a tip from the Financial Industry Regulatory Authority (FINRA).
 
“Stealing Floridians’ hard-earned 401(k) savings is heinous and will not be tolerated,” said OFR Commissioner Drew J. Breakspear. “The Florida Office of Financial Regulation is committed to protecting Floridians from financial fraud.”
 
“Investigating and exposing financial crime is the highest priority of the bureau,” said OFR Bureau of Financial Investigations Chief Robert Kynoch. “Thank you to all of our partners for their indispensable expertise in this case, including the Financial Industry Regulatory Authority, the Office of Statewide Prosecution and the Crawford County Sheriff’s Office.”
 
Hall acted as a Third Party Administrator of 401(k) plans for several Florida and out-of-state companies. Hall is alleged to have changed plan participants’ email and residential addresses to his own without the participants’ knowledge or consent. Further, he allegedly generated fraudulent expenses under the guise of administrative, miscellaneous, annual and participant fees for his own personal gain. Hall purportedly placed sell orders on mutual fund holdings to fund his falsified expenses. It is believed that Hall received more than $800,000 in illegal gains as a result of this scheme.     
 
If you are a victim of fraud or to report suspicious activity, please file a complaint with the OFR online, www.flofr.com, or call (850) 487-9687.
 
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