An Orlando man was recently arrested in a $5.3 million ponzi scheme that defrauded at least 10 victims.
Attorney General James Uthmeier’s Office of Statewide Prosecution is charging Jerald Clawson, of Orlando, for orchestrating the $5.3 million Ponzi scheme and the Florida Department of Law Enforcement arrested Clawson in Orange County in Central Florida.
“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 Central Florida investigation, titled “Investment Blues,” was a collaborative effort involving FDLE, the Seminole County Sheriff’s Office, the Florida Office of Financial Regulation, and the Office of Statewide Prosecution.
The case involved a combination of strategies to defraud multiple “investors” in purported real estate “hard money” loans or “bridge loans.” Clawson represented himself as an investment broker through a company named Azure Waterfront Consulting, LLC, and was backed by Azure Waterfront (Real Estate), LLC, offering a “Fee-note Program.” The victims told investigators that Clawson promised them a 100-300% return on their investment.
When loans passed their due dates, Clawson would, and continues to, assure the victims they would be paid, even though months have passed without the victims receiving any return. The majority of the victims interviewed by law enforcement sustained an out-of-pocket loss given to Clawson from their bank accounts.
According to the Florida AG, Clawson is facing multiple 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 case will be handled by the Attorney General’s Office of Statewide Prosecution. Each charge carries a maximum penalty of 30 years in prison and a fine of up to $10,000.
