Victims of financial fraud in Florida lost a total of $118.4 million during fiscal year 2014, or $3.2 million for each of the 37 individuals convicted of investment and other financial scams in the Sunshine State, according to a software development firm specializing in investigatory computer programs.

The firm, the Dulles, Va.-based Actionable Intelligence Technologies, develops software to help state and federal law enforcement agencies detect and investigate financial fraud and speed up the pace of such investigations, the firm said.

Law enforcement agencies need this software, the firm contended, because investigators spend so much time now on fraud cases that, in many instances, victims cannot recover stolen funds.

“The reason recovery rates are so low is because of the complexity of fraud schemes and the time it takes to investigate any given case,” Susan Deehan, Chairwoman of AIT, said in a statement. “What's needed is fast technology used in a way that will drastically speed up these investigations.”

The company pointed to a recent series of articles in media outlets stating that the Tampa Bay, Fla. area is one of the nation's leading markets for financial fraud, and that five of the 16 hottest fraud locations in the country are in Florida.

According to the company, the U.S. Office of Financial Research estimated that fraudsters have solicited eight in 10 Florida consumers over the age of 40 to participate in potentially fraudulent financial schemes.