Area businessman arrested in alleged loan fee scam

TAMPA — Tampa businessman William Wren faces four felony counts of assessing or collecting advance fees as a loan broker.

According to a news release issued by the Florida Office of Financial Regulation, Wren — the operator of Tampa-based B&Z Investment Group LLC, doing business as Business Loans Solutions — surrendered to officers at the Hillsborough County Jail.

The Hillsborough County State Attorney’s Office is prosecuting the case and has accused Wren of collecting fees in advance of a loan closing from victims, primarily chiropractors seeking financing to expand their businesses. Wren allegedly failed to close on any loans for the prospective borrowers, the release contends.

“Collecting an advance fee for the promise of a loan is illegal in Florida,” states Alex Toledo, OFR’s acting bureau chief of financial investigations, in the release. “Our office will keep fighting to ensure Floridians are protected from these types of financial scams.”