The Office of Financial Regulation (OFR) today announced that Paul Mark Tucker voluntarily surrendered to the Miami-Dade County Corrections Department on Oct. 30, 2017, following the issuance of a warrant for his arrest. Tucker is charged with seven counts of selling unregistered securities and seven counts of selling securities as an unregistered person. Additionally, he is charged with organized fraud, money laundering, grand theft and selling a fraudulent investment in connection with his purported drug and alcohol rehabilitation business.
“The OFR’s investigation shows that this alleged fraudster lured victims with ludicrous claims about a life-saving, 24-hour miracle cure for drug and alcohol addiction,” said OFR Commissioner Drew J. Breakspear. “I applaud our investigators for their continued efforts to bring this perpetrator to justice, protect Floridians, and keep Florida’s financial marketplace safe for business.”
Tucker is alleged to have promoted investments in Ibogaine Partners, a business which he advertised on multiple websites. Investors were lured with claims that the investment program saved lives through drug and alcohol detoxification, promising a 24-hour miracle cure for addiction. Tucker claimed that there were no withdrawal symptoms or lingering cravings with the program, and that it would cost patients less than $10,000 each.
Tucker is believed to have sought $1,000,000 through the sale of partnership units to investors at a price of $50,000 per unit. A review of financial records indicated Tucker spent approximately 80 percent of investors’ money on personal expenses. In total, Tucker swindled approximately $510,000 from victim investors.
The OFR was the sole investigative agency working this case. The OFR thanks the Department of Financial Services, Division of Investigative and Forensic Services, which aided in obtaining the voluntary surrender. The Miami-Dade County State Attorney’s Office is prosecuting the case.
