The Florida Office of Financial Regulation today announced the arrest of James Harold Hosner, of Safety Harbor, for his alleged role in an investment scam. He is charged with the sale of an unregistered security, sale of a security by an unregistered dealer, securities fraud, and grand theft.
Interim Commissioner Pamela Epting said, “The Florida Office of Financial Regulation is committed to working with our state and federal partners to bring financial criminals to justice. I thank OFR’s investigators and the Pinellas County State Attorney’s Office for their assistance in this case.”
Hosner, Chief Executive Officer of the former Phoenix Insurance Services, Inc., based in St. Petersburg, allegedly sold and issued promissory notes totaling more than $48,000 to an elderly victim. He is believed to have exploited his existing relationship as the victim’s insurance agent. Hosner purportedly represented that he was in negotiations to purchase another insurance agency, and the victim’s investment would be used to complete the sale. However, Hosner allegedly used the investment to pay routine business expenses, and failed to disclose that he and the company were in financial distress.
This case is being prosecuted by the Pinellas County State Attorney’s Office.