Florida Office of Financial Regulation

North Port Accountant Arrested in Advance Fee for Loan Scheme

04/12/2016

 
For Immediate Release                               
Tuesday, April 12, 2016
 
Media Contacts:
Jamie Mongiovi (850) 410-9709
Katie Norris (850) 410-9826
Twitter: @FlFinancialReg
                                                                                                                       

North Port Accountant Arrested in Advance Fee for Loan Scheme
 
Tallahassee, Fla. – The Florida Office of Financial Regulation (OFR) announces the arrest of Mark J. Klingel by the Sarasota County Sheriff’s Office. Klingel was arrested for communications fraud related to his alleged involvement in an elaborate advance fee for loan scam that operated from his accounting firm, Mark J. Klingel CPA, LLC, in North Port. Co-defendant Stephen Eugene Hummell was arrested in March 2016.
 
“Fighting financial crime is one of the Florida Office of Financial Regulation’s highest priorities,” said Commissioner Drew J. Breakspear. “We are committed to working with our partners to protect Floridians from financial criminals and their scams.”

Klingel and Hummell are accused of assessing and collecting more than $1.2 million in illegal advance fees from more than 50 prospective borrowers based on promises of obtaining business loans. Victims are believed to have been solicited through a website, capitalinvestorsgroup.com, and Klingel's accounting firm. No business loans or refunds have ever materialized.
 
The OFR received a complaint from a concerned consumer, which led to the investigation into Klingel and Hummell’s activities. The case is being prosecuted by the Sarasota County State Attorney’s Office.
 
For helpful tips on how to avoid this type of scam, check out the OFR’s consumer alert on advance fee for loan scams.
 
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