A Miami real estate developer was sentenced for an investor fraud and tax scheme that financed a luxury yacht, a diamond ring, and a multi-million dollar home.
The Miami real estate developer was sentenced more than 11 years in federal prison for defrauding investors of approximately $89 million, diverting investor funds to finance a lavish lifestyle, failing to pay millions of dollars in payroll taxes, and lying to a bank to obtain financing for a 68-foot yacht. U.S. District Judge K. Michael Moore sentenced 41-year-old Rishi Kapoor, formerly of Miami, to 136 months in federal prison after he pleaded guilty to money laundering and conspiracy to fail to pay payroll taxes.
“Rishi Kapoor raised approximately $89 million from investors by promising real estate developments, then diverted millions of dollars to fund his own lavish lifestyle,” said U.S. Attorney Jason A. Reding Quiñones for the Southern District of Florida. “He used investor money on a yacht, a diamond ring, and a multimillion-dollar home, while also withholding payroll taxes from employees and failing to send that money to the IRS. Kapoor will now spend more than 11 years in federal prison for a years-long scheme built on deception, greed, and the misuse of other people’s money.”…