Authorities: Land O' Lakes Man Is Fraud

A Land O’ Lakes man stands accused of using “false promises and outright lies” to bilk investors of more than $600,000, according to authorities. 

Steven Staltare, 48, was arrested earlier this month and charged with two counts of securities fraud and two counts of wire fraud. 

The arrest and charges was first reported in the Tampa Bay Business Journal.

According to the U. S. Attorney’s Office, Southern District of New York, and the New York Office of the U.S. Postal Inspection Service, Staltare mislead a total of four investors while also failing to mention he had previously been convicted of securities fraud. 

Staltare’s alleged crimes centered around stocks. In one instance, Staltare facilitated the sale of $70,000 worth of stocks for “Victim 1” but never delivered the money to the seller, according to authorities.

With “Victim 3” and “Victim 4,” authorities said, Staltare promised to investment money in stock for significant returns but misappropriated the funds.

The securities fraud and wire fraud charges each carry a maximum term of 20 years behind bars.