The Real Deal Miami

Developer Michael Stern faces fraud charges, again

September 26, 2012 11:15AM

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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.

More than five years ago, Stern acted as a confidential informant for Miami-Dade prosecutors during a Miami Beach City Hall bribery investigation. Stern admitted to having bribed building officials and planners with over 100,000 in gifts, leading to the conviction of three Miami Beach building officials. [Miami Herald]Christopher Cameron
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