Tab in father-daughter scam reaches $100-million

TAMPA -- Prosecutors said today in federal court that a local father and daughter charged in an international fraud case may have duped investors out of at least $100-million.

Investigators had initially estimated that Paul Gunter, 58, of Odessa, and his daughter Zibiah Gunter, 25, of Oldsmar, scammed overseas investors of at least $70-million. Assistant U.S. Attorney Rachelle Bedke said in court today that that number has grown to nearly $100-million as investigators discover new records in the case.

"The evidence has only gotten stronger as agents seize evidence," Bedke said.

Paul Gunter failed for a third time to provide enough cash and property to convince U.S. Magistrate Judge Thomas B. McCoun III to release him on bail. McCoun wants at least $1-million in a secured bond from Gunter.

The judge said he will allow Gunter more time to work out a probate issue with his deceased mother-in-law's home, which Gunter's wife and brother-in-law have offered to the court as collateral. Several other family friends have offered up property or cash to secure the $1-million.

Zibiah Gunter is out of jail on $150,000 bail, secured with equity from her stepmother's home.

Prosecutors continue to object to releasing Gunter, described as the middle man in the scheme, saying that he is a flight risk. He's in the United States on a green card and has citizenship in England. The judge has also expressed concern about access to cash that Gunter may have in bank accounts around the world.

Federal agents said the Gunters and at least four others hijacked the identities of 54 publicly traded companies and sold bogus stock. Investigators have accused them of ripping off investors in Ireland and Great Britain and dumping illegal proceeds in bank accounts in Central Florida and around the world.

-Kevin Graham, Times staff writer