Florida Office of Financial Regulation

Sarasota Man Sentenced for Role in Fake Investment Scam

07/27/2016

For Immediate Release                               
Tuesday, July 26, 2016
 
Media Contacts:
Jamie Mongiovi (850) 410-9709
Katie Norris (850) 410-9826
Twitter: @FlFinancialReg
 
                                                              
Sarasota Man Sentenced for Role in Fake Investment Scam
-Scammer Lured Victims with Promise of Turning Cremated Pets into Gemstones-
 
Tallahassee, Fla. – The Florida Office of Financial Regulation (OFR) applauds the sentencing of Russell Haraburda to eight years in prison, followed by 22 years of probation. Haraburda pled guilty to organized fraud for his role with the sale of fraudulent pre-initial public offering shares of his company, EnviraTrends.
 
“The Florida Office of Financial Regulation thanks the Florida Attorney General’s Office of Statewide Prosecution, the U.S. Securities and Exchange Commission and the Florida Department of Law Enforcement for their assistance in bringing this individual to justice,” said Commissioner Drew J. Breakspear. “We will continue to work with our partners to fight financial fraud and protect Floridians.”
 
Haraburda lured more than 150 investors nationwide with claims that his company, EnviraTrends, possessed technology that could turn the cremated ashes of pets into precious gemstones. He assured investors that their money would be used to pay for expenses associated with taking the company public. The OFR investigation revealed that Haraburda used more than $1.7 million of investors’ money to fund his lavish personal lifestyle.
 
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