Florida Office of Financial Regulation

Two Ybor City Men Indicted in $5.3 Million Investment Fraud

09/10/2015

For Immediate Release                             
Thursday, September 10, 2015
 
Contact: Jamie Mongiovi
(850) 410-9709
 
Katie Norris
(850) 410-9826                                                                      
 

Two Ybor City Men Indicted in $5.3 Million Investment Fraud
 
Tallahassee, Fla. – The Florida Office of Financial Regulation (OFR) today announced the unsealing of a federal grand jury indictment against Timothy M. Roberts and Terrance F. Taylor. The indictment charges each man with one count of conspiracy to commit wire fraud and five counts of wire fraud, stemming from their role in an alleged investment fraud scheme.
 
“Fighting financial fraud is one of the Florida Office of Financial Regulation’s highest priorities,” said OFR Commissioner Drew J. Breakspear. “The OFR will continue to collaborate with our partners to protect Floridians from financial fraud.”
 
“Thank you to our partners in the Federal Bureau of Investigation, the U.S. Securities and Exchange Commission in Miami and the U.S. Attorney’s Office in Tampa for their hard work in this case,” said OFR Deputy Chief of Financial Investigations Alex Toledo.
 
Roberts and Taylor operated Ybor City-based Savtira Corporation, Inc., a supposed internet technology company that purportedly offered centralized, cloud-based shopping cart platforms for retailers to sell goods. Both men are alleged to have sold stock in Savtira, raising approximately $5.3 million from investors. The joint investigation by the OFR and the Federal Bureau of Investigation (FBI) revealed that the stock certificates sold to investors were essentially worthless and that the money was used by both men for personal expenses. Roberts and Taylor are also alleged to have generated fake invoices and receivables, to make it appear as if Savtira had millions in revenue.
 
If you are a victim of financial fraud or to report suspicious activity, file a complaint online at www.flofr.com or call (850) 487-9687.
 
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