Select the search type
 
  • Site
  • Web
Search
Register   |  Login   |  Contact Us | About Us | Site Map
Become A Fan On The Condo Vultures Facebook PageFollow Us On The Condo Vultures Twitter PageWatch All Our Video Content on the Condo Vultures Youtube PagePeter Zalewski of Condo Vultures Linked InTake Our News To Go. Condo Vultures RSS Feeds. Society of Professional Journalists investigative reporters and editors
Return to Condo Vultures front page

Feds Target 13 Miami Area Condos For Seizure In Money Laundering Case
Feds Target 13 Miami Area Condos For Seizure In Money Laundering Case
Published on 8/9/2011 3:10:00 AM

Bookmark and Share


The U.S. Attorney’s Office in Miami is attempting to seize 13 waterfront condos in Greater Downtown Miami and Miami Beach, a townhouse in Miami's Coconut Grove neighborhood, and undeveloped land in the North Carolina mountains as part of a grand jury indictment alleging “conspiracy to commit money laundering” and “bulk cash smuggling,” according to a new report from CondoVultures.com.
 
The criminal indictment of five individuals was first reported in an online advanced article entitled “Los Miami Gang Nabbed In Huge Drug Bust” that is scheduled to appear in the Aug. 11, 2011 edition of the Miami New Times.  
 
The government is targeting for seizure two Miami Beach condos - one unit located in the Continuum On South Beach and the other in the Murano At Portofino - in the exclusive South of Fifth neighborhood at the tip of the barrier island, according to the grand jury indictment dated July 12, 2011 in the U.S. District Court's Southern District Of Florida
 
An additional 11 condos earmarked for federal seizure are located in two complexes - One Miami and The Mark on Brickell - in Greater Downtown Miami, according to the indictment.
 
The government is also pursuing for seizure a townhouse on South Bayshore Drive across from David Kennedy Park in Miami's Coconut Grove neighborhood, according to the indictment. 
 
“Upon conviction…as alleged in Count 1 of this indictment, the defendant so convicted shall forfeit all of his right, title and interest to the United States, in any property, real or personal, involved in such violation, or in any property traceable to such property,” according to the indictment.
 
The Miami-Dade County condos and townhouse, which feature a combined 26 bedrooms and more than 19,200 square feet of salable space, identified in the indictment have a combined 2010 assessed value of $5.03 million, or an average of $261 per square foot, according to the Miami-Dade County Property Appraiser’s Office
 
The units were originally purchased for a combined $6.13 million, or an average of $318 per square foot, between October 2001 and April 2006, according to Miami-Dade County records. 
 
The vacant North Carolina land located in Hendersonville was purchased for $95,000 in May 2006 and has a current assessed value of $78,000, according to the Henderson County Tax Department
 
The condos, townhouse, and land identified in the indictment were purchased using multiple individual and corporate names, according to government records. 
 
Aside from the properties, the U.S. Attorney’s Office is also attempting to seize 26 accounts maintained at Bank of America, BB&T formerly known as Colonial Bank, Citibank, Wells Fargo – Wachovia Bank, and South Florida Educational Federal Credit Union, according to the indictment.
 
Additionally, the U.S. Attorney is also pursuing the seizure of 17 automobiles ranging from a 2011 Mercedes-Benz G55 AMG to a 2008 Bugatti Veyron, a 2003 Ferrari Enzo to a 2010 Rolls-Royce Ghost, according to the indictment.

“Approximately $26,443,771 in United States currency, which is a sum of money equal in value to the property involved in the violation alleged in this indictment, which the United States will seek as a personal money judgment…as part of their respective sentence upon conviction,” according to the indictment. 

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517. 

Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™Official Condo Buyers Guide To South Beach™Official Condo Buyers Guide to Sunny Isles Beach™Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™Official Condo Buyers Guide to Hollywood / Hallandale Beach™Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™. 

© Copyright 2011. Condo Vultures® LLC. All Rights Reserved.        

  

print
User Comments
User comments have temporarily been disabled. This service will return shortly. Sorry for the inconvenience.
CVR Realty - South Florida's Condo Experts
Condo Vultures® Realty - Distressed Property Experts
© Copyright 2014. Condo Vultures® LLC. All Rights Reserved.
Condo Vultures® LLC | 425 NE 22nd St. | Suite 409 | Miami | FL | 33137 | Phone: 800-750-0517 | Fax: 888-688-3415