From the Attorney Generals office:
Attorney General Bondi’s Office Prosecutes Man for Defrauding 20 Elderly Victims out of $1.3 Million
SARASOTA, Fla.—Attorney General Bondi’s Office successfully prosecuted a man for defrauding 20 elderly victims, ranging in age from 62 to 96, out of more than $1.3 million. The victims, mostly based in the Sarasota area, gave between $10,000 and $150,000 each under the belief that they were purchasing an interest in a New Jersey insurance company. In reality, the companies
that they gave their money to, BBG Investments and BBG Risk Management, were writing checks to individuals, disbursing the money to other companies, and engaging in offshore real estate ventures. The investigation was a collaborative effort among the Attorney General’s Office of Statewide Prosecution, the Office of Financial Regulation and the Florida Department of Law Enforcement’s Tampa Bay Regional Operations Center.
“Florida has more than 4.5 million elderly residents, the highest elderly population in the nation, and we will not allow unscrupulous individuals to target this segment of our population and take their hard-earned money,” stated Attorney General Pam Bondi. “I am proud of the Office of Statewide Prosecution for this jury trial victory that brought justice, and I am grateful to the Office of Financial Regulation and the Florida Department of Law Enforcement for their partnership.”
The defendant, Clifford Bagnall, was convicted by a jury yesterday, Aug. 3, for: one count of securities fraud, a first-degree felony punishable by up to 30 years in prison per count; 12 counts of sale of an unregistered security, third-degree felonies punishable by up to five years in prison per count; and 12 counts of the sale of a security by an unlicensed dealer, third-degree felonies punishable by up to five years in prison per count.
The trial took place in the Twelfth Judicial Circuit Court and was presided over by Judge Becky A. Titus. The sentencing hearing is scheduled for Aug. 19. Co-defendents Keith Byington, Fred Howard and Gerald Gonzalez pled guilty on related charges.