Luxury Miami Condos Caught Up in Grand Money Laundering Scheme

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According to Condo Vultures' CEO Peter Zalewski, 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."

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.

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