On Tuesday, June 26, 2018, it was announced that three men had been charged in a Florida-based investment fraud scheme. On June 21, 2018 a grand jury indicted three men for their alleged participation in an investment fraud scheme, which targeted investors around the country. The scheme ultimately defrauded the victims out of roughly $2 million. The scheme’s main office was located in Broward County, Florida.
The following individuals have been indicted.
- 59-year-old Thomas Michael White of Parkland, Florida
- 56-year-old John Kevin Reech of Delray Beach, Florida
- 53-year-old Joseph Mario Genzone of Boca Raton Florida
The defendants were charged with conspiracy to commit mail fraud and wire fraud, as well as substantive mail fraud charges. White has also been charged with wire fraud. The defendants are accused of participating in a conspiracy involving the sale of stock and debt equity in First Call Ventures LLC and its subsidiaries. All were owned and operated by Thomas Michael White.
The indictment accuses the defendants of making materially false statements. They allegedly told clients that the investments were “safe and profitable” and investors that “you won’t lose your money”. Over 80% of investor funds allegedly went to White for salaries, fees and other monetary distributions to himself, Reech, Genzone and others. Further details have been made available here.