MADEIRA BEACH, Fla. — Matthew Taylor is accused of taking money in from investors, promising a high return, and raking in even more cash from boat buyers and other investors to pay people off.
It's what one would call a Ponzi scheme, and the Pinellas County Sheriff's Office says that's exactly how the 42-year-old Taylor ran Savage Yachts.
Detectives started looking into the Madeira Beach business in February when they received a grand theft complaint, according to a news release. A man said he sent Taylor $450,000 in July 2018 toward the purchase and repair of an 86-foot Azimut yacht. By the end of the year, it became obvious the transaction was fraudulent and a refund wasn't coming.
Then more people started to complain to authorities.
A second person bought a Azimut 62S in March 2018, the release states. That same year, in September, they paid Taylor $20,214 for upgraded electronics but never received them. Taylor allegedly convinced the person to upgrade his yacht to an Azimut 62E and was paid $669,955, but the boat was never turned over.
A third person, an investor, was convinced Taylor had conducted several successful boat transactions with them over the years. They gave Taylor $30,000 in March 2018 to buy engines, but investigators say it's believed the purchase never was made. With this transaction and others, the investor was out $257,000.
Finally, the fourth person bought a Grady White boat from Taylor back in 2013. In July 2017, deputies say the person sent Taylor $30,000 to buy three boats to repair and sell but didn't receive any profit. Last summer, Taylor convinced the person to sell the Grady White for $57,988 profit but instead of getting the money, Taylor persuaded the person to buy another boat, deputies say.
The boat never was provided, and the financial loss totaled at least $123,870.
Deputies say Taylor was required to place deposits for boats into an escrow account, per Florida law, but he treated it like it were a business operating and personal checking account.
It's believed the total economic loss is, at least, $1.5 million.
Taylor is charged with first-degree scheme to defraud, four counts of money laundering, four counts of grand theft and one count of escrow depository violation. He is being held at the Pinellas County jail.
An investigation is ongoing.
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