White collar crime is a nonviolent, money-related type of crime usually committed by business professionals or government officials who are financially motivated to find a way to gain control of assets, typically those that are not theirs to begin with. One notable Florida case involves housing developer, Lloyd Boggio, who was charged in a $34 million dollar fraud case in Miami that impacted low-income families. Rather than to face a jury of his peers, Boggio pled guilty in his case. Boggio and his co-conspirators inappropriately used U.S. tax credits and received monetary benefit from 14 different government housing developments. By taking the plea bargain, Boggio is now serving 54 months in prison rather than the possible lifetime behind bars that he could have faced after a trial.
Usually when we think of identity theft, we think of stolen credit cards, social security numbers, and fake bank accounts. However, in this new age of social media, a stolen identity can also show up online in places like Twitter.
One Miami man won't be living in the luxurious homes he has been used to thanks to his part in a $20 million mortgage fraud that spanned from South Beach to Ft. Lauderdale. Now, he'll spend 15 years in prison and have five years of supervised release following his prison time. That comes out to roughly one year of federal corrections supervision for each million dollars of fraud.
White-collar crimes may not always be as obvious a crime as something like a murder or a robbery. Many times, these are crimes committed by people you would never expect to be involved in criminal activities. White-collar crimes often happen "on paper," and the prosecution needs to prove something as subjective as "intent" in order to prove that a crime was actually committed.
Money laundering has a long history as being a white-collar crime connected to various types of illegal activities such as the drug or sex trade, and any activities involving cross-border smuggling. In South Florida, we have heard many stories throughout our history of illegal drug money being laundered through legitimate businesses in the area. But what exactly does it mean to launder money? And what are the implications of a crime like money laundering?
White Collar Crime is a term that commonplace in news outlets across the globe. These criminal acts include such offenses as embezzlement, bribery, money laundering, racketeering, and other financial crimes related to financial or property gain. It can also include the avoidance of a loss of finances or property and other deceptive acts from businesses and government professionals.
In an odd case of fraud usually reserved for the silver screen, $3.6 million was stolen from a Miami Beach City Hall bank account over six months. The city named a couple of suspects that they believe may have been involved in the scandal; however, it is inconclusive as to who syphoned the money from the account. Though two longstanding employees resigned just after the discovery, they were not deemed suspects in the situation.
Cases of fraud are always unnerving as it usually includes an individual accruing large sums of money at the expense of other individuals. In a recent case of housing fraud, a developer by the name of Lloyd Boggio was charged with multimillion dollar fraud in Miami that impacted low-income families. Rather than face a jury of his peers, Boggio pled guilty in his case.
Bitcoin, a form of virtual currency, was recently placed under scrutiny in a case of money laundering in South Florida. The man being accused, was a web designer named Michell Espinoza, who had transmitted $1,500 worth of this virtual "money." Espinoza sold the coins to undercover detectives who mentioned wanting to use them to purchase stolen credit card numbers. Following these circumstances, Espinoza was then charged with illegal money laundering.
Fraud charges in Miami are not uncommon, but it is unusual when someone attempts to smuggle millions of dollars in from another country in their suitcase at Miami International Airport. That is exactly what happened on June 4 when two women traveling from the Dominican Republic were found to have been carrying a large sum of cash in their luggage.