Wednesday, March 14, 2007
Florida Duo Pleads Guilty to Running a Real Estate Investment Scheme
Lazaro J. Rodriguez and Frederick Ira Wolfe entered guilty pleas in connection with a fraudulent internet-based investment scheme. When sentenced on May 23, 2007, and May 30, 2007, respectively, they face up to 20 years imprisonment and $250,000 in fines.
Rodriguez was the president and Wolfe the chief executive officer of The Firm “Financial,” also known as THE F-I-R-M, The Firm Investments (collectively referred to as “TFF”), a business located in Miami-Dade County, Florida, which engaged in an Internet investment fraud scheme. Until January 13, 2006, TFF operated a website at www.thefirminvestments.com and was headquartered at 5201 Blue Lagoon Drive, Suite 872, Miami, Florida.
The defendants were indicted on conspiracy and mail fraud charges for defrauding more than 700 victims of more than $2 million. Using Spanish language newspaper advertisements and Creole language radio ads to lure investors, the website and the materials offered a number of investment options. An “Intermediate Level of Investment,” for example, guaranteed someone investing $500 a return of $1,500 (300%) in 90 days, while a $1,000 investment guaranteed a return of $3,000. An “Executive Level of Investment,” which required an investment of $10,000, promised a return of $20,000 in nine (9) months. Similarly, an investment of $50,000 promised a return of $100,000. A “Liquid Level of Investment,” required a minimum investment of $100,000, and promised a return of $300,000 in seventeen (17) months; a $900,000 investment promised a return of $1.2 million. TFF claimed that it specialized in commercial and residential real estate, commodities and Initial Public Offering, and boasted that these rates of return were “completely guaranteed.”
In reality, however, neither Rodriguez nor Wolfe ever invested the money they received and neither had the requisite license to trade in securities or commodities. Instead, Rodriguez placed investor money in a savings account at a Miami bank and used the funds to purchase a Mercedes-Benz, a 2005 Hummer, two 2006 Corvettes, a Mazda RX-8 and a water craft vessel (jet ski). Much of the remaining money was withdrawn through ATMs. Wolfe hired and trained account executives to lure additional investors and received a 20% commission on each new account
mortgage fraud
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
U.S. v. Miller, et al.
Thursday, December, 18, 2008
Verdict:
F. Jeffrey Miller Guilty of Conspiracy and Money Laundering
Steven Vanatta Guilty of Conspiracy , Money Laundering and Bank Fraud
Hallie Irvin Guilty of Conspiracy , Money Laundering and Bank Fraud
Sandra Jo Harris Not guilty- all counts
More Trial Coverage
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Rachel Dollar is an attorney and Certified Mortgage Banker who handles fraud recovery litigation for lenders and secondary market investors nationwide. She is a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is licensed to practice law in California and maintains offices in Santa Rosa, California. 
