CLEVELAND (WJW)- Federal agents executed a search warrant at the home of a prominent Cleveland real estate developer and restaurant owner. The Department of Housing and Urban Development is accusing CEO Frank Sinito of mishandling funds on some of his properties.
Frank Sinto’s company, Millennia Companies , owns low-income housing across the country, as well as Key Tower , the tallest building in Ohio, and many upscale restaurants in Cleveland like Marble Room, Il Venetian, and LockKeepers.
On Wednesday, members of HUD and the US Department of Agriculture searched the property of Sinito.
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According to letters from HUD, they recently banned Sinito and his company from starting new contracts until late 2028. They first sent a letter in December, and a second one confirming it in March. In the letters, it said Sinito was being accused of improper conduct, citing unauthorized transfers and underfunded security deposit accounts. It claims nearly $4.9 million is missing or was improperly taken from 19 HUD-insured or HUD-subsidized properties.