Eric Levitt, former manager of Gulf Coast Settlements LLC, has been sentenced to five years in prison and 20 years of probation, along with over $570,000 in victim restitution, following a guilty plea for a fraudulent promissory note investment scheme. Levitt executed promissory notes using investor funds without consent and promised unrealistic returns, while also intercepting investor correspondence. The OFR was the sole investigative agency in this criminal enforcement case, with the Florida Department of Financial Services executing the arrest warrant and the Lee County State Attorney's Office prosecuting.

This case highlights the severe consequences of investment fraud. Regulated entities and individuals involved in financial advisory services and investment schemes should be aware of the OFR's enforcement capabilities and the potential for criminal prosecution and significant penalties. While this is a criminal case, it underscores the importance of robust compliance measures, transparent dealings with investors, and adherence to all financial regulations to prevent similar fraudulent activities and avoid severe legal repercussions.