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Fifty years ago, they were screwed-up kids sent to the Florida School for Boys to be straightened out. But now they are screwed-up men, scarred by the whippings they endured. Read the story and see a video and portrait gallery.
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Reinhard: State took too long with filing
The SEC has also moved against the securities broker.
By STEVE BOUSQUET, Tallahassee Bureau Chief
Published January 4, 2008
Don Reinhard once headed the state FSU boosters organization.
TALLAHASSEE - Don Reinhard, the former Florida State Seminole Booster president accused of defrauding prominent investors, contends the state waited too long to file charges against him.
Reinhard's petition requesting the state charges be dismissed came as a federal agency joined the pursuit of him.
Reinhard's petition, filed with the state Office of Financial Regulation last month, asks for a hearing on the state charges because his "name, reputation, good will and financial status will be affected" by the state's effort to punish him with heavy fines.
The state regulatory agency has alleged that Reinhard, through his firm, Magnolia Capital, sold risky securities without telling customers that they could potentially suffer heavy financial losses.
The U.S. Securities and Exchange Commission has also moved against Reinhard.
In a complaint filed Dec. 13 in U.S. District Court, the Securities and Exchange Commission says Reinhard made "false and misleading statements and omissions of material fact" to about 138 customers through his purchase of what are known as CMOs, or collateralized mortgage obligations.
In his state petition, Reinhard cited a two-year statute of limitations as applicable to his case, and attached four-year-old news articles detailing the allegations against him, as reported in 2003 in the St. Petersburg Times and Tallahassee Democrat.
"Generally speaking, the statute of limitations does not apply to administrative proceedings," said James McAuley, chief counsel for the Office of Financial Regulation.
Reinhard's attorney, William Owen, declined to comment Thursday.
The next step is for the state Division of Administrative Hearings to schedule a hearing, probably within 90 days, McAuley said.