Florida Man Faces Fraud Charges Over Surfboard Scheme

Law360 (November 8, 2019, 8:41 PM EST) -- A Florida man's motorized surfboard investment scheme hit choppy waters when federal prosecutors and regulators slapped him with parallel actions claiming he stole $350,000 from investors — nearly all of the money raised — and spent the money on himself.

Roberto J. Clark Jr. of Palm Bay told investors the funds would be put toward product development and marketing for the surfboards, but he actually used them to buy high-end fashions, a luxury car and adult entertainment, the U.S. Securities and Exchange Commission said in a suit filed in Virginia federal court Friday.

Clark is also facing criminal charges of wire fraud...

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