The Office of Financial Regulation today announced that Terrance Taylor was recently sentenced to five years in prison to be followed by three years of supervised release for his role in an investment fraud scheme. He was also ordered to pay more than $3 million in restitution to his victims.
Commissioner Drew J. Breakspear said, “I thank the Federal Bureau of Investigation and the United States Attorney’s Office for the Middle District of Florida for their assistance in this case. The Office of Financial Regulation will continue to work with state and federal partners to bring financial criminals to justice.”
Taylor, along with co-defendant Timothy Roberts, sold stock in Savtira Corporation, Inc., a Ybor City based company, which purportedly offered a centralized, cloud-based shopping cart platform for online and traditional retailers to sell goods. They lured victim investors by making false claims and misrepresentations about the company’s profitability, alleged contracts and ownership of patents. The investigation revealed that the stock certificates were essentially worthless and the victims’ money was used for personal expenses.