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...
To view the full article, register now.




Case Information

Case Title

USA v. Burgess

Case Number



Florida Middle

Nature of Suit

Date Filed

June 23, 2010


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.