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CLEARWATER, FLA--A two and a half year long investigation by the Florida Department of Law Enforcement (FDLE) in Clearwater has resulted in racketeering charges for two Pinellas County men.
William Anthony Folino, 50, of Tarpon Springs and George Joseph Belanger, 54, of Largo were arrested by FDLE agents this week and charged with violation of Florida's RICO (Racketeer Influenced and Corruption Organizations) Act relating to the fraudulent sale of securities and grand theft.
The FDLE investigation revealed that from January 2001 through October 2002, Folino and Belanger operated under the auspices of the Investment Freedom Club and solicited unsuspecting victims to invest in illegal future contracts. The sale of securities through the Foreign Exchange was conducted via an Internet Web site, www.investmentfreedomclub.com.
During the time the Investment Freedom Club Web site was operational, Folino and Belanger allegedly defrauded customers by promising profits of 60 to 120 annual percentage yield on investments allegedly directed to the Foreign Exchange. FDLE said that Folino and Belanger misrepresented the track record of the Investment Freedom Club, and falsely assured customers that the risk was eliminated and that customers' principal funds were secured. The Investment Freedom Club Web site enticed individuals to invest in the club by promising prospective customers extravagant low-risk profits with an investment of as little as $300. More than 150 individuals have invested more than $1.5 million in this alleged scheme to defraud investors out of their money.
Both Folino and Belanger were booked into the Pinellas County Jail on racketeering charges. Their bonds were set at $1 million each.
The prosecution is being handled by the Pinellas County State Attorney's Office of Bernie McCabe in Clearwater. 11-30-05
© 2005 North
Country Gazette
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