A prominent Miami real estate developer has been sentenced to over 11 years in prison in connection with an $85 million fraud scheme that helped him buy a luxury yacht and fund a lavish lifestyle, authorities said.
Rishi Kapoor was sentenced Thursday to 11 years and 4 months in prison, followed by three years of supervised release, with restitution to be determined later, court records showed.
Kapoor was charged earlier this year with conspiracy to commit wire fraud, wire fraud, money laundering, conspiracy to commit offenses against and to defraud the U.S., failure to pay payroll taxes, tax evasion, failure to file tax returns, and bank fraud.
Kapoor had been the chief executive officer of Location Ventures, a Miami-based real estate development company who was able to raise $85 million from investors for promised real estate projects, most of which were never built, authorities…
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