FLORIDA — A Florida man who defrauded investors of their retirement and life savings has been sentenced to 30 years in prison, said Attorney General Ashley Moody.
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Miquel Angel Perez defrauded more than 20 victims out of retirement and life savings through a scheme involving real estate pitches and false promises of wealth made from investments, said Ms. Moody. A Pasco County jury found Mr. Perez guilty of 22 felonies, including racketeering, grand theft, exploitation, and mortgage fraud.
“This real estate schemer claimed to be a successful investor but instead stole people’s hard-earned money, leaving many in deep debt and with poor credit,” said Ms. Moody.
“He tricked more than 20 victims, including senior citizens, to gain millions in investment funds, all to fund his own lavish lifestyle. Now, thanks to our law enforcement partners and statewide prosecutors, his next real estate venture will be relocating to a jail cell.”
According to the investigation, Mr. Perez held free investment seminars and showed attendees how to purchase and convert single-family residences into assisted living facilities for a profit in exchange for the attendees’ investments.
Mr. Perez claimed to have garnered great success in real estate investments and accumulated millions in net worth, promising to help attendees attain a similar lifestyle.
Mr. Perez reportedly used false statements, promises, and deceptive tactics to trick victims into believing that investing with him produced enough income to retire. Mr. Perez, instead, is said to have used victims’ funds for personal use. In one instance, Perez reportedly spent more than $128,000 on a personal residence pending foreclosure.
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Ms. Moody said Mr. Perez misappropriated approximately $2 million in investment funds for personal gain and benefit.
According to Ms. Moody, the investigation revealed that Mr. Perez defrauded more than 20 victims over an eight-year period.
One case reportedly involved a victim over 65 who owned a home outright. After promising to make all the payments, Mr. Perez is said to have convinced the victim to take out all of the equity through a home equity line of credit to invest. Mr. Perez then misappropriated the funds for personal benefit and purposes unrelated to any improvements to the home. These actions resulted in the victim’s bank filing a foreclosure action, Ms. Moody said.
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The AG’s Office of Statewide Prosecution charged Mr. Perez with racketeering, conspiracy to commit racketeering, grand theft of a victim over 65, exploitation of the elderly, mortgage fraud, 13 counts of grand theft, unlicensed practice of law, and unlicensed operation of an assisted living facility.
The Office of Financial Regulation, with assistance from the Florida Department of Law Enforcement and the Pasco County Sheriff’s Office, investigated the case.
Assistant Statewide Prosecutors Stephanie Bergen and Panagiota Papakos of the OSP handled the case.
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