The core problem is that Florida is and has been for decades a cesspool of business cons and rackets. Their securities laws are lax, and they apparently have had little appetite for enforcement. Look how they handle their filings. It's a joke. That's why Florida is a magnet for company incorporations by shysters. A securities analyst once told me that it you ever see "Boca Raton" on a corporate filing, "Don't buy the stock."