An Orlando man was recently apprehended in a $5.3 million Ponzi scheme that duped at least ten victims.
Attorney General James Uthmeier’s Office of Statewide Prosecution is charging Jerald Clawson of Orlando with orchestrating the $5.3 million Ponzi scheme, and the Florida Department of Law Enforcement has detained him in Orange County, Central Florida.
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“This serial con-artist exploited the trust of hardworking Floridians to line his pockets. At 74 years old, he is still preying on victims without remorse,” said Attorney General James Uthmeier. “Let this be a warning: no matter your age or history, if you exploit Floridians, we will find you, and we will bring you to justice.”
The FDLE, the Seminole County Sheriff’s Office, the Florida Office of Financial Regulation, and the Office of Statewide Prosecution collaborated on the Central Florida investigation, known as “Investment Blues.”
The case involved various schemes to deceive several “investors” in alleged real estate “hard money” loans or “bridge loans.” Clawson marketed himself as an investment broker through a company called Azure Waterfront Consulting, LLC, which was backed by Azure Waterfront (Real Estate), LLC, and offered a “Fee-note Program.” Authorities learned from the victims that Clawson assured them of a 100-300% return on their investment.
Despite months passing without receiving a return, Clawson assured the victims that they would receive payment when loans passed their due dates. Law enforcement examined most of the victims, who reported an out-of-pocket loss to Clawson from their bank accounts.
According to the Florida Attorney General, Clawson faces various felony charges, including Scheme to Defraud Greater Than $50,000 and Unlawful Sale of Fraudulent Securities Greater Than $50,000 (five or more victims).
This investigation is ongoing, and the Attorney General’s Office of Statewide Prosecution will handle the matter. Each crime carries a possible 30-year prison sentence and a $10,000 fine.
