A prominent Miami real estate developer who once hired the city’s mayor as a $10,000-a-month consultant has pleaded guilty to money laundering and payroll-tax charges in a $89 million fraud scheme.
Rishi Kapoor, who once led Location Ventures and URBIN development firms, now faces more than 10 years in federal prison and $70 million in restitution to former investors and the Internal Revenue Service, according to court documents and local news reports.
Kapoor was accused of raising millions of dollars from investors for major condominium and housing developments in the Miami area, then failing to build the projects and diverting much of the money for his personal use, Kapoor’s March 3 indictment shows…