MIAMI, Florida — A Boca Raton man and woman have pleaded guilty to orchestrating a multi-million dollar real estate investment fraud, according to the U.S. Attorney’s Office for the Southern District of Florida.
Jean Joseph, a 55-year-old from Boca Raton, pleaded guilty to conspiracy to commit money laundering. His co-defendant, 44-year-old Janalie Camille Bingham, also of Boca Raton, previously pleaded guilty to wire fraud. The pair operated Wells Real Estate Investment, LLC, misleading investors with false promises about high-value property assets, stated the U.S. Attorney’s Office.
“These defendants sold the illusion of a $450 million real estate portfolio that simply did not exist,” said U.S. Attorney Jason A. Reding Quiñones. Instead of investing the $50 million as promised, they diverted millions into speculative trading and personal expenses, including a luxury home, according to court records…