Notice how Pearlman was brought to justice by the Feds and not the State of Florida's Office of Financial Regulation (OFR) which had been dicking around since the first complaints surfaced over a decade ago.
As an example, they dropped an investigation of the Ponzi scheme years ago on the basis of a letter from Pearlman that asserted nothing was wrong. So, they asked the scammer if he was scamming and when he said he wasn't the case was put to bed. That's some great regulatory policing right there. No wonder Florida is home to so many scams.
The sad thing is, in the period between when the OFR should have shut him down and the time when it got so egregious that the Feds had to step in, hundreds more people were scammed. A lot of them were retirees whose life savings vanished. There have been 3 suicides so far blamed on this con.
Welcome to Florida. Home of EGIL.
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