Affordable housing developer Lloyd Boggio has pleaded guilty in a multimillion-dollar housing fraud case, reports Jay Weaver of the Miami Herald.
Lloyd Boggio, 70, was accused last year with his former partner, Matthew Greer, 38, and several others of conspiring to steal U.S. government funds to subsidize affordable housing developments in Miami-Dade County through a tax-credit program designed to create rental apartments for low-income residents, writes Weaver.
The former Carlisle Development Group executive faces up to 10 years in prison on a single count of money laundering. As part of the plea deal, he agreed to forfeit about $2 million in seven frozen bank accounts and a multi-million-dollar luxury home in Coconut Grove as well as return another $7,174,357.
Boggio and and his co-conspirators are accused of stealing $36 million dollars in federal monies by inflating construction costs and receiving kickbacks on low-income housing tax credit deals, according to officials.
Boggio is scheduled to be sentenced Dec. 9.