A real estate developer in Miami was sentenced to more than 11 years in federal prison after defrauding investors out of approximately $89 million.
Rishi Kapoor, 41, used investor money to fund a lavish lifestyle, making purchases including a 2.8-carat diamond ring, a 68-foot yacht, and a $5.9 million home in the exclusive Cocoplum neighborhood of Coral Gables, FL, federal prosecutors say.
After pleading guilty to money laundering and conspiracy to fail to pay payroll taxes, Kapoor was sentenced to 136 months in federal prison by U.S. District Judge K. Michael Moore on Aug. 27…