HEADSHOT JUXTAPOZED WITH PHOTO OF PROPERTY THAT WAS SHARED ON AZURE WATERFRONT SOCIAL MEDIA
A 74-year-old Orlando man, Jerald Benjamin Clawson (LinkedIn), has been arrested following accusations that he orchestrated a $5.3 million Ponzi scheme masquerading as real estate investments.
Florida Attorney General James Uthmeier announced the arrest on Friday, September 5, which was officially dubbed “Investment Blues,” carried out in collaboration with FDLE, the Florida Office of Financial Regulation, the Seminole County Sheriff’s Office, and the Office of Statewide Prosecution.
Clawson, operating under the names Azure Waterfront Consulting, LLC and Azure Waterfront (Real Estate), LLC, promised investors returns of 100 to 300 percent through short-term “hard money” and “bridge loan” real estate programs, referred to as a “Fee-note Program.” Investors reported wiring funds directly to Clawson, but when payments were due, he continued stringing them along with promises, only to fail to follow through.
At its core, a hard money loan is a short-term, high-interest loan backed by real estate. Instead of relying on the borrower’s credit history or income like a bank would, the lender bases the deal on the “hard asset” (the property) being used as collateral.
“This serial con-artist exploited the trust of hardworking Floridians to line his pockets. At 74 years old, he is still preying on victims without remorse. Let this be a warning: no matter your age or history, if you exploit Floridians, we will find you, and we will bring you to justice.”
– JAMES UTHMEIER, FLORIDA ATTORNEY GENERAL
Clawson, now faces multiple felony charges, including scheme to defraud greater than $50,000 and unlawful sale of fraudulent securities greater than $50,000, involving five or more victims. Each count carries a possible sentence of up to 30 years in prison and a $10,000 fine.
