ORLANDO, Fla. — In a rare exclusive, 9 Investigates will take you inside the federal investigation that put an accused local conman behind bars.
On Monday, an informant told Channel 9 an FBI arrest had ended a multi-state Ponzi scheme. Reporter Tim Barber talked to the whistleblower, who tipped off the feds.
Justin Spearman used to live in a 7,000-square-foot mansion with six bedrooms and seven bathrooms in Winter Park.
Spearman, 27, apparently had a fetish for fast cars and snapped a photo of his rental BMW the night before he was arrested on fraud charges outside Dallas.
The Texas businessman who said he tipped off the feds talked to Channel 9, but asked to remain unidentified.
"You know, you always hear those stories and it never really hits home until it happens to you," he said.
The potential investor said he called the FBI after he watched Channel 9's story online. In March, we showed you a local civil lawsuit that claims Spearman stole millions from people who invested in fake oil and gas leases.
An Orange County judge ordered Spearman to pay back nearly $2 million.
"We could barely eat lunch that day," the whistleblower said.
The whistleblower also said he saw other red flags before he made a $925,000 mistake that would have turned his life upside down.
"When I asked him questions about the deal, he didn't really know it that well," the whistleblower said. "He supposedly worked out in Midland. I have a lot of Midland contacts. Nobody knew him."
The potential investor said Spearman came to his office to pick up the check but when the suspect grabbed it, an undercover agent called in a team of agents with the code word "easy money."
"I am just thankful and happy that it wasn't us and hopefully, it won't happen again," the whistleblower said.
Spearman's attorney has not returned Channel 9's calls.
Barber asked Florida officials how Spearman's case in Texas could affect any local criminal cased, but they wouldn’t comment on potential or pending matters.
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