Two Gulf Coast Residents Arrested for Securities Fraud

The Florida Office of Financial Regulation (OFR) and the Florida Department of Law Enforcement (FDLE) Tampa Regional Operations Center announce the arrest of Robert Darren Carlson and Stephen Campbell on charges of Racketeering, 66 counts of Unlawful Sale of an Unregistered Security, and Sale of a Security by an Unregistered Dealer.

The arrests stem from a one year long multi-agency investigation. Between March 2002 and December 2004, Carlson and Campbell, both unregistered agents, offered and sold unregistered securities to Florida investors as well as out of state investors. Carlson and Campbell engaged in a scheme in which they raised, directly and through others, approximately 2.5 million dollars from 33 investors by selling Certificates of membership in a Limited Liability Company known as Gulfcoast Investment Club, later called Select Asset Management. Carlson used multiple companies in this scheme. Investors were led to believe that their invested funds were 100 percent insured.

Prior to this arrest, Carlson, 40, of 10513 Gretna Green Drive in Tampa, was out on two bonds: a $50,000 bond from previous charges as a result of a an investigation involving Palm Beach Investment Group, and a $100,000 bond involving Trinity Savings Bank.

Campbell was booked into the Pinellas County Jail with bond set at two million dollars. Carlson was booked into the Hillsborough County Jail with no bond.

OFR and FDLE encourage consumers to thoroughly investigate any investment offering and to call the offices of OFR to determine if the company, broker and investment are legitimately registered, and if they have a complaint history. Consumers can contact OFR on the web at or call toll-free at 800-848-3792 or directly at 850-410-9898.

For more information, contact:

Trena Reddick
Public Information Officer
FDLE - Tampa Bay
(813) 878-7239 or 878-7300