Mexican banker accused of massive fraud scheme owns 17 properties in South Florida

Miami /
Oct.October 11, 2016 04:30 PM

Rafael A. Olvera Amezcua, the Mexican banker who allegedly led a massive fraud ring in his home country, is being tied to 17 properties in South Florida that were purchased for a combined $13.44 million.

And now they could be seized by the government.

Amezcua was the majority shareholder of Ficrea SA, a financial firm that was seized about two years ago by Mexican regulators. Amezcua was accused of siphoning more than $184 million from Ficrea for his personal use, according to the South Florida Business Journal.

Mexican regulators have been investigating the scheme, and last year the government requested he be extradited to Mexico.

Legal action filed in South Florida shows Amezcua is tied to at least 17 properties purchased between 2008 and 2014, properties that could be seized in the bankruptcy case, the South Florida Business Journal reported.

Those properties include: a three-bedroom condo at 2950 Northeast 188th Street in Aventura, which is on the market for $705,000; another unit in the same building also on the market for $320,000; condos in Miramar, Sunny Isles Beach, Oakland Park, Pembroke Pines; as well as commercial properties.

South Florida is no stranger to money laundering, offshore buyers and shady practices. Earlier this year, the Panama Papers, a massive leak of documents from a Panamanian law firm, uncovered many of the true buyers behind pricey South Florida real estate.

Even the federal government is making moves to combat money laundering through high-end real estate in the U.S., by enacting and then expanding a targeting order for title insurers. The treasury’s Financial Crimes Enforcement Network is requiring title companies to reveal the true players behind shell companies in regions that include Manhattan and Miami. [SFBJ] – Katherine Kallergis


Related Articles

arrow_forward_ios
The Minorca condominium at 2030 Douglas Road in Coral Gables (iStock, CBRE, Illustration by Kevin Rebong for The Real Deal)
Ex-Venezuelan official tied to $1B fraud gets 4+ years, must forfeit Coral Gables condo
Ex-Venezuelan official tied to $1B fraud gets 4+ years, must forfeit Coral Gables condo
Convicted house-flippers now face rent fraud charges
Convicted house-flippers now face rent fraud charges
Convicted house-flippers now face rent fraud charges
A few of the properties and cars involved in the scheme (Tesla, Realtor.com, Zillow, Cars.com)
Alleged mastermind of $38M health care fraud purchased these Florida properties
Alleged mastermind of $38M health care fraud purchased these Florida properties
Joel Greenberg's attorney holding legal texts outside of a federal courthouse (Getty)
Joel Greenberg associates indicted on federal real estate fraud charges in Florida
Joel Greenberg associates indicted on federal real estate fraud charges in Florida
The identity theft charges use Oceana Bal Harbour and Mei Miami Beach condos (Oceana, Mei, iStock, District Court of South Florida)
$10M mortgage fraud honed in on Oceana Bal Harbour, Mei Miami Beach condos
$10M mortgage fraud honed in on Oceana Bal Harbour, Mei Miami Beach condos
Epic Residences & Hotel with parts of the SEC complaint (Epic, United States District Court)
Miamian charged in payday loan scheme allegedly splurged on $2M downtown condo
Miamian charged in payday loan scheme allegedly splurged on $2M downtown condo
Joseph Menaged with the Faena House (Douglas Elliman, Menaged via Facebook)
Father of “Property Wars” star sells Faena House condo involved in bank fraud scheme
Father of “Property Wars” star sells Faena House condo involved in bank fraud scheme
3050 Coral Springs Drive in Coral Springs; 1361 Southeast Fourth Street in Deerfield Beach and clips from the complaints. (Google Maps, District Court of Southern Florida)
SEC charges South Floridians in alleged $9M real estate scam
SEC charges South Floridians in alleged $9M real estate scam
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...