Authorities bust phony securities dealer

VENICE — The Office of Financial Regulation announced Ian Reed, of Venice, was arrested for acting as an unlicensed securities dealer.

According to a press release, Reed allegedly purchased securities for the victim and sold them at a total loss through his company Investor Growth LLC. It says Reed wasn't registered as a securities dealer when he offered to trade the securities for the victim.

“The Florida Office of Financial Regulation is committed to bringing financial criminals to justice," says Commissioner Drew Breakspear in a statement. "I thank OFR's investigative team and our partners for their hard work in this case.”

The investigation into Reed began after the Office of Financial Regulation received a complaint through its online complaint portal. The Sarasota County State Attorney's Office is prosecuting the case.