Citrus County Man Arrested In Bay County For Massive Investment Fraud Scam

CITRUS COUNTY, Fla. – A Homosassa man has been arrested after investigators found that he has stifled massive amounts of cash from unsuspecting investors.

On April 9th, 2024, the United States Marshals Service arrested 60-year-old Joseph Michael Todd for a Citrus County warrant after a lengthy investigation by Detective Rob Ramos with the Citrus County Sheriff’s Office (CCSO) High Tech Crimes Unit (HTCU).

Following the original report received by the CCSO, other victims were discovered, many of whom had lost hundreds of thousands of dollars that Todd was supposed to invest.

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According to Detective Ramos’ investigation, Todd would have his victims send checks to him personally rather than the financial firms he represented, and then he would utilize the victim’s money for his own gain and benefit.

Todd has been involved in Citrus County’s investing industry for several decades, working for a variety of firms. His victims include many Citrus County citizens and business owners who relied on his decades of local experience.

“Todd used his position and his reputation in our community to take advantage of the victims in this case.  These victims trusted him to invest their life savings, and he betrayed that trust, using their money to fund his personal lifestyle,” said Sheriff Prendergast. “Detective Ramos worked closely with the Fifth Judicial Circuit State Attorney’s Office throughout this investigation to try and bring some justice to Todd’s many victims, though many may never financially recover from his betrayal.  It is imperative that if you or your loved ones have financial investments, do your due diligence and ensure your advisor is handling your money properly.”

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Todd was arrested in Bay County in reference to a Citrus County warrant for one count of Scheme to Defraud $50,000.00 or more, six counts of Grand Theft of $100,000.00 or more, and one count of Grand Theft of under $20,000.00.

He will be transported to the Citrus County Detention Facility, where he will be held without bond per the warrant.

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Citrus County Man Arrested In Bay County For Massive Investment Fraud Scam