Timothy Roberts, 46, of Missouri, has pleaded guilty to wire fraud in connection with a multi-million-dollar scheme tied to his now-defunct Tampa-based tech startup, Savtira Corporation, Inc. The former founder, CEO, and Chairman of the Board admitted to deceiving investors with fake valuations and concealing his history of securities violations, federal prosecutors announced today.
According to court documents filed in the Middle District of Florida, Roberts, along with co-defendant Terrance F. Taylor, Savtira’s CFO, orchestrated the fraud beginning in or around November 2010. They distributed a fraudulent draft valuation report claiming the Ybor City-based company was worth between $450 million and $540 million—despite generating little, if any, actual revenue.
Roberts never disclosed to investors a prior judgment entered against him by the U.S. Securities and Exchange Commission for violating federal securities laws. That omission, combined with false promises about product development and revenue streams, helped lure unsuspecting investors into pouring money into the failing enterprise.
Investor funds were not used as promised. Instead, Roberts and Taylor diverted significant sums for personal expenses, according to federal investigators. The pair made repeated false statements about the use of capital, including claims that funds would be used for research, development, and sales infrastructure—none of which materialized at scale.
Roberts and Taylor were indicted in 2016 on charges of conspiracy to commit wire fraud and multiple counts of wire fraud. While Roberts has now pleaded guilty and faces a maximum penalty of 20 years in federal prison, Taylor is scheduled to stand trial in April 2017. A sentencing date for Roberts has not been set.
The case was investigated by the Federal Bureau of Investigation and the Florida Office of Financial Regulation, and is being prosecuted by Assistant United States Attorney Mandy Riedel. A federal indictment remains a formal charge; defendants are presumed innocent until proven guilty in a court of law.
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Key Facts
- State: Florida
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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