CFO Tom Gallagher surrounded by children
Volume 2 Number 51
December 19, 2005

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HAPPY HOLIDAYS!

In the final rush to finish shopping, wrapping, packing or cleaning, most of us are looking forward to relaxing with our family and friends, enjoying some good food and taking some time off from work and the normal routine. 

But for many of our fellow Floridians and neighbors along the Gulf Coast, there is no routine.  Many lost their homes or their jobs and in some cases have lost track of family and friends because of this year’s devastating hurricanes. Let’s keep them in our thoughts and prayers and continue to give generously to charities that are working to help them rebuild their lives. 

 

I wish each of you a safe and joyful holiday

 


 

 


 

GALLAGHER COMMENDS CONGRESS FOR PROPOSAL TO PUT CONTROLS ON METH-MAKING PRODUCTS UNDER PATRIOT ACT

The House of Representatives on Wednesday passed a package of measures aimed at making it harder for methamphetamine "cooks" to obtain the common ingredients needed to make the drug.  The drug package is wrapped into the Patriot Act anti-terrorism bill and heads to the Senate.  Florida’s Chief Financial Officer Tom Gallagher, who also serves as state fire marshal, made the following statement:

“I am encouraged and support Congress’ taking steps to control access to the products needed to manufacture methamphetamine.   Meth labs pose a high-level threat to our communities, as evidenced by the 1,000 percent increase in meth labs found in Florida in less than five years.  This drug is tearing apart families and destroying lives. CONTINUED


 

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CONSUMER ALERT

GALLAGHER WARNS FLORIDIANS OF NEW SCAM TO STEAL CASH AND SECURITIES VIA PASSWORD THEFT

Tom Gallagher, Florida’s chief financial officer, warned Floridians to protect themselves from a new scam designed to steal user names and passwords to drain online investment accounts.  It is estimated that up to $20 million in stocks, securities and cash has been stolen nationwide with this scheme.

Those losses are expected to increase dramatically as the spread of high speed and wireless connections makes it easier for hackers to steal personal computer identity information to gain access to online accounts.  An estimated $1.7 trillion is invested with online brokerages.

“The good news is that you can protect yourself from becoming a victim of these crooks,” said Gallagher, “but you have to be proactive.  The stakes are very high because these thieves can drain some accounts of hundreds of thousands of dollars in a matter of days.”  Gallagher added that the key to stopping these scams is to install and update computer security software. “In fact, many brokers and firms are offering free and discounted security measures to their customers,” he said.CONTINUED


 

 

 

 

 

NEW LEGISLATION EXTENDS PERIODS OF DISCOUNT ON EARLY PAYMENT OF PROPERTY TAXES

Governor Jeb Bush signed House Bill 15 (B) into law to allow counties that were declared a major disaster area in 2005 to extend the discount period on early payment of taxes. 

The bill authorizes counties declared a major disaster area to adopt options for extending the time in which a property tax payment qualifies for an early-payment discount.  The extension does not apply to mortgages, lien holders or vendees that make tax payments on behalf of the property owner. Counties may adopt extensions in whole or in part by issuing an emergency ordinance. The county tax collector is responsible for implementing the discount period.  The bill extends the following early-payment of property taxes discount periods:

  • the 4 percent discount period from November 30, 2005 to January 31, 2006;
  • the 3 percent discount period from December 31, 2005 to February 28, 2006;
  • and the 2 percent discount period from January 31, 2006 to March 31, 2006.

“This tax relief is another important step in the rebuilding process for hurricane victims," CFO Tom Gallagher stated.

The bill is effective immediately and will expire April 1, 2006.


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GALLAGHER REVOKES PENSACOLA AGENT’S LICENSE

Tom Gallagher, Florida’s chief financial officer, announced a Pensacola insurance agent’s license has been revoked for multiple violations, including scamming a blind client.  Darrell E. Stidham, 54, has surrendered his licenses to sell life and health insurance policies and variable annuities.

“Floridians should have confidence that their insurance agents are dealing with them in good faith and that certainly was not the case here,” said Gallagher.  “Scamming Floridians, especially our most vulnerable citizens, will not be tolerated.”

The actions which led to Stidham’s license suspension include telling a blind client she was purchasing a Knights of Columbus life insurance policy, which was actually with another insurance company.  Stidham also did not include vital information on insurance applications which had been disclosed by the policyholders.  CONTINUED