FLORIDA: Miami businessman guilty in Royal Palm Beach condominium fraud
A Miami businessman was found guilty Thursday of one count of conspiracy in connection to a housing scheme that left a Royal Palm Beach condominium mired in foreclosures.
Eli Riesel, who was managing member in a company that bought about 100 units at the Kensington of Royal Palm Beach in 2007, is one of six people to be charged following what federal investigators described as a $25 million mortgage scam.
Riesel, who was found not guilty on 24 charges of bank fraud, is the only one who faced a jury trial. That occurred this week in a Miami federal courtroom in front of U.S. District Court Judge Darrin Gayles. The other defendants pleaded guilty to various charges last year.
Prosecutors say Riesel conspired to provide prospective buyers with incentives to purchase condominium units at Kensington but concealed those incentives from the lenders who financed the transactions. Read more: