Entrepreneur gets five years in prison for scam, owes $3M

BRADENTON — Terrance Taylor of Bradenton was sentenced to five years in prison and three years of supervised release for his role in an investment fraud scheme.

According to a press release from the Office of Financial Regulation, Taylor was also ordered to pay more than $3 million to his victims in restitution.

The statement says Taylor and co-defendant Timothy Roberts sold stock in Ybor City-based Savtira Corporation Inc. The company purportedly offered a centralized, cloud-based shopping cart platform for online and traditional retailers to sell goods. They made false claims and misrepresentations about the company's profitability, alleged contracts and ownership of patents, the statement says.

The investigation — conducted by the Office of Financial Regulation, the FBI and the U.S. Attorney's Office for the Middle District of Florida — revealed the company's stock certificates were “essentially worthless” and the victims' money was used for personal expenses.