The Real Deal Miami

Former Carlisle CEO pleads guilty to $36M affordable housing fraud scheme

14 affordable housing projects in Miami-Dade were involved
September 13, 2016 01:48PM

Lloyd Boggio's home at 3316 Devon Court in Coconut Grove. Inset: Boggio

Lloyd Boggio’s home at 3316 Devon Court in Coconut Grove. Inset: Boggio

A former CEO of Carlisle Development Group pleaded guilty to participating in a $36 million affordable housing fraud scheme.

Matthew Greer

Matthew Greer

Lloyd Boggio joins former Carlisle CEO Matthew Greer and six others to plead guilty in the scheme. By inflating construction costs and receiving kickbacks, the group stole about $36 million in federal housing subsidies for affordable housing projects in Miami-Dade – 14 in all, and 13 in Brownsville, Little Haiti and Overtown between 2007 and 2012, the Miami Herald reported.

Boggio’s case will not come before federal court next week, but he will have to forfeit $2 million in frozen bank accounts, a multimillion-dollar Coconut Grove home, and an additional $7.1 million as part of his plea deal, according to the Herald.

Property records show Boggio and his wife own the nearly 9,000-square-foot home near the water in the Grove. They paid $1.4 million for it in 2003. The house, at 3316 Devon Court, was listed for sale for $12 million in August, according to

The six others are: Michael Runyan, CEO of BJ&K Construction; Gonzalo DeRamon, co-founder of Biscayne Housing Group; Michael Cox, co-founder of BHG; Rene Sierra, founder of Siltek Affordable Housing LLC; and Arturo Hevia, founder of Design Management and Builders Construction, the South Florida Business Journal said.

Throughout the investigation, the federal government has collected more than $20 million. [Miami Herald] [SFBJ] – Katherine Kallergis