Developer Sentenced for Stealing Investor Funds

Allison Tussey —  April 30, 2014 — Leave a comment

Furman Otis Clark, Jr., 65, Fernandina Beach, Florida, was sentenced on April 24, 2014, to 20 years in prison for his role in a fraudulent land development scheme wherein he used investor monies for personal expenses and not for land or real estate development

Clark misled investors by telling them that their investments would be used to develop real estate projects, and that he had exclusive rights to purchase the properties to be developed and that investors would receive interests in limited liability companies.

Investigation revealed that from January 2008 through April 2009, Clark obtained at least $250,000 from investors in Florida and Georgia by promising them guaranteed investment returns.The investigation also found that Clark used investor monies for personal expenses and not for land or real estate development.

The Florida Office of Financial Regulation announced the sentence.  The investigation was conducted joint by the OFR and the Nassau County State Attorney’s Office.

The case was prosecuted in Nassau County by the State Attorney’s Office for the 4th Judicial Circuit.

“We are one step closer to making Florida’s financial marketplace safer for our citizens,” said Commissioner Drew J. Breakspear. “The OFR will continue to work diligently with our partners in law enforcement to pursue criminals who seek to illegally separate Floridians from their hard earned dollars.”

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