Myles W. Farrington promised over 100 investors in South Florida a 20% return by investing in mutual funds, but instead ended up making the states Department of Financial Services top 10 fraud list.
Farrington promised investors that their money would be placed in "secure mutual funds," but failed to deliver. In February, Farrington was sentenced to 54 months in federal prison and is supposed to repay $7.5 million in restitution after pleading guilty last summer to mail fraud and engaging in illegal monetary transactions.
Instead of investing the money in Landmark mutual funds, an offshore trust company he had formed in the Caribbean island of St. Kitts, he put the money in a local savings account and used it to pay off personal debt, buy land in Costa Rica, a home and racehorses.
He mailed investors fake statements that claimed their investments had doubled or even tripled and, when some requested money, distributed money from the pool he had collected from the other investors.