Florida Attorney General James Uthmeier announces arrest of Orlando man in securities fraud case uncovered during investigation in Hawaii

Tallahassee, Florida – A major fraud investigation that stretched across multiple states and involved several law enforcement agencies has led to the arrest of a Florida man accused of running a fake billion-dollar development scheme that allegedly fooled a high-profile investor out of $1 million.

James Uthmeier announced the arrest of 57-year-old Steven Harry Minard of Orlando, describing the case as a coordinated effort between state and federal partners to stop what investigators call a carefully constructed securities fraud operation.

Authorities say Minard was taken into custody in Honolulu, Hawaii, while allegedly attempting to board a flight to Houston, Texas. The arrest took place after a joint effort involving the Florida Office of Financial Regulation, Homeland Security Investigations task forces in New York, Orlando, and Honolulu, as well as local police in Hawaii. He is currently being held pending extradition to Florida.

Officials allege that Minard created a fictional real estate and entertainment project called “Orlando World Live” (OWL), which he presented as a massive urban development initiative in downtown Orlando. According to investigators, the project was described as a futuristic entertainment hub featuring themed zones, celebrity partnerships, and projected revenues exceeding $1.6 billion.

Read also: Celebrate Small Business Month at the Small Business Showcase and Networking event designed to connect local entrepreneurs with new opportunities and growth resources in Broward County

However, forensic financial analysis and witness interviews painted a very different picture. Investigators determined that no legitimate development activity ever existed. There were no construction permits, no official filings with the City of Orlando, and no verified contracts connected to the proposed project.

Instead, authorities say the entire concept was used as a cover to attract investment money under false pretenses. Prosecutors allege that Minard convinced a high-profile investor to contribute $1 million, promising exclusivity and safety while presenting OWL as a legitimate large-scale development opportunity.

“This case exemplifies the reach of our Statewide Prosecutors, who partner with state, local, and federal law enforcement to bring criminals back to Florida to face justice,” said Attorney General James Uthmeier. “Thanks to the Florida Office of Financial Regulation, our federal partners at HSI New York EDTF, HSI Orlando, HSI Honolulu, and the Honolulu Police Department for their collaboration on this investigation and arrest.”

State financial regulators also emphasized the importance of cooperation between agencies in uncovering complex investment fraud schemes.

“Thank you to OFR’s investigators, the Department of Homeland Security Investigations, and Attorney General James Uthmeier’s Office of Statewide Prosecution for their hard work in bringing this case forward,” said Florida Office of Financial Regulation Commissioner Russell C. Weigel, III. “Together with our partners, we will continue to combat investment fraud and protect Floridians from scammers and bad actors.”

Federal investigators described the alleged scheme as sophisticated and damaging, not only to individual victims but also to broader trust in legitimate investment markets.

Read also: Tech Mahindra and UKG expand partnership to help enterprises accelerate AI-driven workforce transformation

“Today’s arrest marks a significant step in dismantling a sophisticated securities fraud scheme that deceived investors into believing in a fictitious real estate project, resulting in substantial financial losses for public figures and everyday citizens alike,” said HSI New York Acting Special Agent in Charge Michael Alfonso. “The impact of this scheme reverberated far beyond its victims, eroding public trust and undermining confidence in legitimate investment opportunities. HSI New York remains steadfast in pursuing those who exploit others for personal gain, and we thank HSI Orlando, HSI Honolulu, the Florida Attorney General’s Office, and the Florida Office of Financial Regulation for their invaluable collaboration in bringing this case to justice.”

Investigators allege that once funds were obtained from investors, they were not used for any development purposes. Instead, authorities say the money was redirected to cover Minard’s personal expenses and unrelated business debts. This misuse of funds, combined with misleading claims about the project’s scale and legitimacy, forms the basis of the criminal charges.

According to officials, Minard is accused of knowingly making false statements and intentionally misleading investors about the existence and viability of the OWL project. Prosecutors say the scheme was designed to appear credible on the surface, using detailed descriptions of development plans and future financial projections that had no supporting documentation.

The investigation included interviews with more than a dozen witnesses, as well as an extensive review of financial records and alleged investment communications. These findings, authorities say, confirmed that the project lacked any operational foundation.

Minard now faces felony charges including one count of Scheme to Defraud involving more than $50,000 and one count of Sale of an Unregistered Security. If convicted, he could face significant prison time under Florida law, although final sentencing would be determined by the court.

Officials credited multiple agencies for their role in locating and arresting the suspect, including federal Homeland Security units in New York, Orlando, and Hawaii, as well as the Honolulu Police Department, which assisted in the extradition process after the arrest at the airport.

The case has now been referred for prosecution in Florida’s Ninth Judicial Circuit, where Special Counsel Robert Finkbeiner will handle the legal proceedings.

For investigators, the case serves as another example of how modern investment fraud schemes can be built on elaborate storytelling and digital presentations, often designed to appear legitimate until financial losses have already occurred. Authorities say continued vigilance and interagency cooperation remain key tools in preventing similar scams from reaching new victims.