PALM BEACH BEACH GARDENS, Fla. - Efforts by twelve individuals to obtain business loans from a broker resulted in a loss of over $380,000 according to investigators from the Florida Bureau of Financial Investigations.
Sean Morrison, according to his arrest report, operated Accelerated Lending Group from a rented office in Palm Beach Gardens.
Investigators say in the report that Morrison received money from twelve victims who were seeking business loans. The victims, according to the arrest report, wired money to ALGI's bank account but they were never told by Morrison why their loans applications were not approved for funding.
The victims told investigators that Morrison failed to return their telephone calls or respond to their e-mails.
State investigators say that Morrison, along with another person, was previously licensed as a mortgage broker; however those licenses expired in 2009.
Morrison was arrested by the Palm Beach County Sheriff's Office and booked into the Palm Beach County Jail on loan fraud charges.