Florida Office of Financial Regulation

Orlando Area Man Arrested for Alleged $3.6 Million Investment Fraud

06/22/2017

For Immediate Release                               
June 22, 2017
 
Media Contacts:
Jamie Mongiovi (850) 410-9709
Katie Norris (850) 410-9826
Twitter: @FlFinancialReg
 
Orlando Area Man Arrested for Alleged $3.6 Million Investment Fraud
-Lifelong Friends Victimized in Scam-
 
Tallahassee, Fla. – The Florida Office of Financial Regulation today announced that Justin Troy Spearman was arrested in North Carolina by the Burke County Sherriff’s Office and charged with grand theft, securities fraud, selling unregistered securities and acting as an unregistered issuer in the sale of securities. The arrest warrant was issued in Orange County, Florida.
 
Commissioner Drew J. Breakspear said, “The Florida Office of Financial Regulation is committed to bringing financial criminals to justice. We will continue to work with our partners to ensure the financial marketplace is safe for Floridians.”
 
Spearman’s arrest followed a joint investigation by the Florida Office of Financial Regulation and the Winter Park Police Department, which found that Spearman allegedly solicited investments from Florida residents in a scheme involving purported royalty interest from oil and gas leases. He used materials that supposedly demonstrated he had rights to an oil and gas leasing enterprise to lure victims to invest. The investigation revealed that the majority of the investors’ money was used to fund his extravagant personal lifestyle. Spearman is alleged to have defrauded more than $3.6 million from his victims, some of whom were his childhood friends. The Office of Statewide Prosecution in Orlando is prosecuting the case. 
 
If you feel that you may be a victim of fraud or to report suspicious activity, please file a complaint with the OFR online, www.flofr.com, or call (850) 487-9687.
 
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