September 15 ,2014- Tallahassee, FL
The Florida Office of Financial Regulation (OFR) announced the arrest of Douglas Carter and James Spillers who are accused of operating an advance fee for loan scheme targeting victims in the U.S. and Canada. They have been charged with grand theft and other charges.
According to Drew J. Breakspear, Commissioner of the OFR, ” It is illegal in Florida for a loan broker to assess or collect fees in advance of a loan closing”.
According to the OFR release, Carter and Spillers had collected over $900,000, however no loans were ever funded and most victims received no refund of the advanced fee. The OFR warns citizens to be wary of:
- Unlicensed individuals
- Offers that loan approval is guaranteed
- Unsolicited offers (cold calls)
- Upfront fees
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
561 391 1900