Miami Beach developer Michael Stern, one-time government informant and the man once accused of defrauding NFL star Dwight Freeney, has been indicted on separate fraud charges by a federal grand jury, the Miami Herald reported. Stern is accused of collecting approximately $20 million from fraudulent mortgages on his Miami Beach properties.
Stern allegedly used the identities of two business partners to buy property on Collins Avenue and then take out mortgages on those properties without his partners consent or knowledge. In all Stern faces charges of four counts of conspiracy, mail fraud and identity theft.
However, Stern is already in a California prison for scamming Freeney of the Indianapolis Colts into a fake restaurant investment.