Pasco Man Charged with Fraud Related to Investments

Pasco resident Michael Motola was charged with organized fraud this week. According to the Pasco County Sheriff’s Office, Motola offered to handle the investments of friends and acquaintances but instead of investing their money, Motola pocketed it for himself.

His alleged scheme reportedly caused at least eight people to lose over $800,000. Law enforcement believes there are other victims who will bring the damages to more than $1 million.

The sheriff’s investigative report alleges that Motola ran his scheme from January 2006 to December 2010. According to the report, Motola falsely represented himself as a stockbroker and businessman and claimed he was able to sell securities and other investments.

One purported victim claims that Motola took over $40,000 from him to invest in stocks and in a bar. The man also said Motola promised him a management position at the bar he was buying. No job ever materialized and no money was ever returned to the man.

Others allegedly gave Motola between $8,000 and $130,000. One investor may have given Motola as much as $500,000, according to law enforcement.

After a while, when pressed to deliver on his promised investments, Motola allegedly gave the investors a promissory note for the amounts he owed and provided a repayment schedule that was sometimes as detailed as daily payments. The investors, however, say they never received any repayment.

Depending on the level of fraudulent proceeds prosecutors can prove (if any), Motola faces up to 30 years in prison if convicted of organized fraud.

Motola also faces pending charges for tampering with a witness. Last fall, during the fraud investigation, Motola was accused of trying to silence two of the victims with bribes, offering them thousands to drop charges and stop cooperating with the investigation.

If you or someone you know is the subject of an investigation, we recommend that you contact an experienced Tampa Bay area criminal defense attorney immediately. Even at the investigative phase, an attorney can assist you in dealing with law enforcement to put you in the best possible position under the circumstances.