Florida Office of Financial Regulation

Press Release: Duo Sentenced for Investment Fraud Scheme


For Immediate Release                             
Monday, November 16, 2015
Contact: Jamie Mongiovi
(850) 410-9709
Katie Norris
(850) 410-9826
Duo Sentenced for Investment Fraud Scheme
Tallahassee, Fla. – The Florida Office of Financial Regulation (OFR)
announces the November 5, 2015, sentencing of Brian Newton and Victoria Snow for their role in defrauding more than 60 victims, costing them more than $7.2 million. Newton was sentenced to 15 years and 8 months and Snow was sentenced to 4 years and 9 months. The perpetrators were ordered to pay more than $7.2 million in restitution.
“The Florida Office of Financial Regulation is committed to fighting financial fraud and protecting your money,” said OFR Commissioner Drew J. Breakspear. “These egregious acts of fraud will not be tolerated.”
“Thank you to our partners in the U.S. Attorney’s Office for the Middle District of Florida and the Federal Bureau of Investigation for their assistance in this case,” said OFR Acting Chief of Financial Investigations Alex Toledo. “The outcome of this case is a direct result of the OFR’s diligent work with our partners.”
Newton and Snow took money from investors based on misrepresentations that their funds would be used to expand the operations of Prestige Funding Group, a company that they claimed purchased and held millions in uncollected receivables from various businesses. Victims who invested with Prestige received promissory notes in exchange for their money. They were to receive quarterly interest ranging from 10-20 percent per year and a 3-6 percent bonus at maturity. However, Newton diverted more than $3 million into his personal account.
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.
# # #