The Florida Office of Financial Regulation today announced that Lathon Jeen Yee was arrested in Orlando on a charge of organized scheme to defraud. If convicted, Yee faces up to five years behind bars.
CFO Jimmy Patronis said, “Arrests like these will help us fight back against these criminals and protect Florida’s consumers. Florida is currently among the top states for fraud and identity theft nationwide. These numbers are simply unacceptable and that’s why I’ve launched my Fraud Free Florida initiative.”
Commissioner Ronald L. Rubin said, “Thanks to the swift actions of OFR’s investigators and the Orange County Sheriff’s Office, this alleged fraud was shut down before more Floridians could be victimized. The Florida Office of Financial Regulation will continue to work tirelessly to protect our citizens from financial fraud.”
Yee allegedly represented himself as being with Saudi-USA Oil, and guaranteed the investor a 30 percent return in 10 days. OFR’s investigation revealed that the victim’s investment was used for Yee’s personal expenses. The case is being prosecuted by the State Attorney’s Office for the Sixth Judicial Circuit 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.