Man Pleads Guilty In Affordable Housing Fraud
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MIAMI (CBSMiami/AP) — A South Florida Man faces up to ten years in prison when he's sentenced later this year for his part in a $36 million affordable housing fraud.
On Monday, 70-year-old Lloyd Boggio pleaded guilty in Miami federal court to money laundering.
He's already agreed to forfeit about $2 million and a multimillion-dollar home in Coconut Grove.
Boggio is co-founder of Carlisle Development Group. Prosecutors say Boggio and six others at Carlisle stole millions of dollars in federal housing subsidies by falsely inflating construction costs and taking kickbacks for Miami-area apartment developments intended for low-income people.
The others who have previously pleaded guilty in the scheme are Matthew Greer, Michael Runyan, Gonzalo DeRamon, Michael Cox, Rene Sierra and Arturo Hevia.
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