Destin man arrested on second federal fraud case
A joint investigation between the Okaloosa County Sheriff’s Office and the Federal Bureau of Investigation resulted today in the arrest of Steven Michael Alford for state felony charges involving fraud, extortion, and grand theft.
The 56-year old man was charged after investigators served a search warrant at his condominium located at Destin Yacht Club, 320 Harbor Boulevard, Units 1104 and 1105, in Destin.
In the fraud scheme, Alford swindled approximately $350,000 from at least one investor by promising lucrative returns for money intended for real estate ventures. Alford misrepresented real estate assets to the investor and instead, used the money for personal use to include buying expensive jewelry, cars, and renting the luxury condominium at Destin Yacht Club, among other purchases.
Alford was recently released from federal prison after serving a ten year sentence for fraud in connection with an investment scheme to trade timberland to be used as an Air Force bombing range for prime Gulf-front property on Okaloosa Island.