The Florida Office of Financial Regulation today announced that Thomas Michael White was sentenced to 14 years in prison for his involvement in an investment fraud scheme. White was also ordered to pay full restitution of $1,936,400 to his victims. To date, three of five defendants have been convicted and sentenced in relation to this matter.
White solicited investments in First Call Ventures, which he represented to be a thriving business that generated sales leads in the moving and transportation industry. White promised investors they would receive 100 percent return on their investments. However, the investigation revealed that the company was on the verge of failure, and that White and four other defendants misappropriated investor funds for personal use. The scheme defrauded 13 victims, five of whom were seniors, out of approximately $1.9 million.
Commissioner Ronald L. Rubin said, “The OFR’s top priority is stopping swindlers like White from defrauding Floridians, especially seniors. I thank our OFR investigators, the Federal Bureau of Investigation, and the U.S. Attorney’s Office for the Southern District of Florida for their diligent efforts to bring these bad actors to justice.”
The case was jointly investigated by the Florida Office of Financial Regulation and the Federal Bureau of Investigation. The matter continues to be prosecuted by the United States Attorney’s Office for the Southern District of Florida.
Floridians who suspect questionable financial business practices are encouraged to file a complaint online at www.flofr.com, or by calling (850) 487-9687.
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.