9. Florida Developer Debacle
After several long years of investigation, former executives of Carlisle Development Group and co-founders of Biscayne Housing Group were charged in August with conspiring to defraud the government by stealing millions of dollars intended for the construction of affordable housing.
The court documents allege that as a result of the fraudulently inflated contracts, Florida Housing Finance Corp. allocated more than $36 million in excess LIHTCs and grant money for 14 affordable housing developments by Biscayne Housing and Carlisle Development, which once was one of the nation’s largest affordable housing developers.
In September, former Carlisle CEO Matt Greer pleaded guilty to stealing millions of dollars in federal subsidies for affordable housing developments. Lloyd Boggio, who had founded Carlisle with Greer’s father in 1997, pleaded not guilty and will go to trial, which is set for Aug. 24, 2016.
The others charged, Biscayne Housing Group’s co-founders Michael Cox and Gonzalo DeRamon, Fort Lauderdale contractor Michael Runyan, and Plantation contractor Rene Sierra, pleaded guilty.