Miami Beach Man Sentenced to 10 Years in Fraud Case
Miami, Fla. – On August 28, 2014, a jury in Miami-Dade County found Joseph Patrick Fox guilty of second degree grand theft following a three-day trial. Fox was tried on charges related to the sale of investments in his Miami Beach business, Telogenesis, Inc.
Office of Financial Regulation Commissioner Drew J. Breakspear said, “As the lead investigative agency in this case, I am proud of our team for their diligent work to bring this perpetrator to justice. I thank our investigators and law enforcement partners in the Miami Beach Police Department for their commitment to making Florida’s financial services industry safer.”
Fox claimed that Telogenesis had developed an anti-aging “yogurt cream” that reversed the hair loss process in men and restored original hair color. He told investors that their money would be used to fund equipment purchases as well as pay for labor, testing, advertising and clinical trials of the miracle product dubbed “Igrowhair.” Fox collected approximately $380,000 from investors throughout Miami-Dade County. Contrary to his claims, the Office of Financial Regulation’s investigation revealed that investors’ funds were used to cover Fox’s lavish personal expenses.
Fox was sentenced to ten years’ imprisonment to be followed by five years’ probation. He has been in custody of the Miami-Dade Corrections Department since his arrest on December 28, 2010, on charges related to this case. He is expected to be transferred to a state prison to serve the remaining portion of his sentence.
The Florida Office of Financial Regulation provides regulatory oversight for Florida’s financial services providers. Our mission is to protect Floridians, promote a safe and sound financial marketplace, and contribute to the growth of Florida’s economy with smart, efficient and effective regulation of the financial services industry.