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Miami Residents Convicted in $8 Million Investment Fraud

Miami Residents Convicted in $8 Million Investment Fraud

Miami Residents Convicted in $8 Million Investment Fraud 150 150 Rex Securities Law

10/23/2014–Lawrence Foster, 49, of Miami Beach, President of Paradise is Mine was found guilty by a Miami Federal Jury of conspiring to commit wire fraud and seven counts of wire fraud. Johana Leon, 38 of Miami Beach, an officer of Paradise is Mine, was found guilty of three counts of structuring currency transactions.

Evidence in the trial showed that Paradise is Mine raised $8 million from 90 investors purportedly to develop land on Rum Cay in the Bahamas. Promotional materials claimed that Joe Montana and other celebrities had invested. No money went to the Bahamas but Leon withdrew over $1 million in increments below the $10,000 currency transaction reporting level which he used to buy a Bentley and on other personal expenses.

Sentencing is scheduled for January 2015. Foster faces 20 years for each count. Leon faces five years for each count.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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