Fla. Real Estate Exec Cops To $21M Fraud

Law360, New York (April 25, 2011, 2:59 PM EDT) -- An Orlando, Fla.-based developer agreed Friday to forfeit more than $21 million and plead guilty to wire fraud and money laundering in connection with his role in several bogus multimillion-dollar real estate projects.

Michael Frank Burgess, manager of Prosperity International LLC and Innovatis Inc., admitted to using bogus development projects to bilk his clients of more than $15 million. After clients wired funds to bank accounts he controlled, Burgess failed to obtain any loans for clients, and instead sent them a litany of phony excuses by...
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