Florida Office of Financial Regulation

Miami-Dade Duo Arrested in Alleged Investment Scheme

08/06/2015

For Immediate Release                                       
Thursday, August 6, 2015
 
Contact: Jamie Mongiovi
(850) 410-9709
 
Katie Norris
(850) 410-9826
 
Miami-Dade Duo Arrested in Alleged Investment Scheme
 
Tallahassee, Fla. – The Florida Office of Financial Regulation (OFR) today announced the arrests of Odalys Cordero-Romero and Richard Steiner. The two are charged with organized fraud and grand theft in connection with an alleged Colorado-based gold-mining investment scheme that bilked $60,000 out of at least one Florida investor.
 
“The fraudsters allegedly falsified information about their involvement in a lucrative gold-mining operation, which caused at least one Floridian to lose his hard-earned savings,” said OFR Commissioner Drew J. Breakspear. “The Florida Office of Financial Regulation will continue to fight fraud and seek justice for those impacted by these crimes.”
 
“I am proud of our investigative team and their diligent efforts in this case,” said OFR Bureau Chief of Financial Investigations Robert Kynoch. “Identifying and halting these schemes is our highest priority.”
 
The OFR investigation revealed that in July 2010, Cordero-Romero and Steiner solicited investments from at least one Florida resident to fund a purported gold-mining operation in Delta County, Colorado. Cordero-Romero and Steiner convinced the victim to invest in the project on the promise of returning $1,000,000 profit by September 2010. The victim wired his investment funds to a bank account controlled by Steiner. Shortly after receiving the investment funds, the perpetrators convinced the investor to send an additional $30,000. Contrary to representations, the investigation revealed that Cordero-Romero and Steiner used the funds for personal expenses rather than the development of a gold-mining operation or for the leasing of mining equipment.
 
This case is being prosecuted by the Miami-Dade County State Attorney’s Office. The Office of Financial Regulation appreciates the assistance of the Department of Financial Services’ Division of Insurance Fraud, the Palm Beach Shores Police Department, and the Delray Beach Police Department in the arrests of Cordero-Romero and Steiner.
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