Developer sentenced to prison for tax-credit scam

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 federal judge sentenced Miami developer Lloyd Boggio to about five years in prison for laundering money in a housing development scheme to steal government funds.

Prosecutors last year accused Boggio, 70, and six others of a conspiracy to steal money from the U.S. government through a program that awards federal tax credits to developers of rental housing for tenants with low income.

U.S. District Court Judge Ursula Ungaro on Friday sentenced Boggio, who took a plea deal before the start of his trial in September.

The other defendants pleaded guilty much earlier and cooperate with authorities to get shorter prison sentences.

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Boggio will start his prison term in February. He also has agreed to pay $2 million from his bank accounts plus proceeds from the sale of a Coconut Grove residence to satisfy a judgment requiring him to forfeit $7.2 million.

Judge Ungaro recently sentenced Matthew Greer, 38, to three years in prison for his role in the conspiracy to steal from the federal tax credit program. As part of a plea agreement, Greer has repaid $16 million that he stole from the government.

At the center of the conspiracy was Carlisle Development Group, a real estate business Greer bought from Boggio about a decade ago. Boggio retained an interest in several investment deals with Carlisle.

FBI and IRS agents said Boggio, Greer and five others stole $34 million in housing subsidy money by inflating construction costs for more than a dozen affordable housing developments in Miami-Dade County. [Miami Herald] Mike Seemuth