Drug Money Infiltrates South Florida Real Estate: Millions Laundered
Submitted by MAGA Student
Posted 5 days ago
Breaking news: Millions in drug money have infiltrated the South Florida commercial real estate market, according to a new report.
The report, published by Global Financial Integrity and others, highlights five cases of money laundering in commercial real estate, with California, Florida, and New York being the top destinations for illicit funds.
One of the cases involves Miami's Sefira Capital, which agreed to forfeit over $29 million in 2021 to settle a DEA investigation into money laundering. The firm was accused of ignoring red flags about investor funds and was implicated in a DEA sting operation, which revealed millions in drug money flowing through its investment fund.
The probe included a $63 million hotel acquisition near Washington, D.C., and an office building in Fort Lauderdale used by Broward County prosecutors. Sefira Capital's joint venture with Highline Real Estate Capital included buying and later selling the Courthouse Place office near the Broward County courthouse.
Sefira's acquisitions also included The Jaxon Apartments in Jacksonville, a Tampa office building, and a self-storage facility in Naples. A significant purchase was the Westin Tysons Corner, acquired with Driftwood Capital and Merrimac Ventures for $62 million in 2018.
In 2021, Sefira settled with the DOJ, agreeing to forfeit $22.5 million in assets and pay $6.5 million to avoid foreclosure. The firm's website remains active, listing several properties, but the company lacks social media presence and is not mentioned in the founders' LinkedIn profiles.
The report notes that between 2016 and 2019, Sefira Capital raised millions in criminal proceeds without sufficient due diligence, ignoring red flags like discrepancies in sender names and investment amounts. The firm received funds from criminals using The Black Market Peso Exchange, which allowed drug traffickers to swap U.S. dollars for local currencies.
The findings of this report underscore the need for greater scrutiny and oversight of the commercial real estate market to prevent the flow of illicit funds. It is essential that law enforcement agencies continue to investigate and prosecute those who engage in money laundering and other financial crimes.
As conservatives, we believe in the rule of law and the importance of holding individuals and corporations accountable for their actions. We support efforts to combat money laundering and other forms of financial crime, and we call on lawmakers to take action to address this issue.
The fact that millions of dollars in drug money have made their way into the South Florida commercial real estate market is deeply concerning. It is essential that we take steps to prevent this from happening in the future and hold those responsible accountable for their actions.
We will continue to monitor this situation and provide updates as they become available.
Sources:
basedunderground.com
dailymail.co.uk
nbcnews.com
The report, published by Global Financial Integrity and others, highlights five cases of money laundering in commercial real estate, with California, Florida, and New York being the top destinations for illicit funds.
One of the cases involves Miami's Sefira Capital, which agreed to forfeit over $29 million in 2021 to settle a DEA investigation into money laundering. The firm was accused of ignoring red flags about investor funds and was implicated in a DEA sting operation, which revealed millions in drug money flowing through its investment fund.
The probe included a $63 million hotel acquisition near Washington, D.C., and an office building in Fort Lauderdale used by Broward County prosecutors. Sefira Capital's joint venture with Highline Real Estate Capital included buying and later selling the Courthouse Place office near the Broward County courthouse.
Sefira's acquisitions also included The Jaxon Apartments in Jacksonville, a Tampa office building, and a self-storage facility in Naples. A significant purchase was the Westin Tysons Corner, acquired with Driftwood Capital and Merrimac Ventures for $62 million in 2018.
In 2021, Sefira settled with the DOJ, agreeing to forfeit $22.5 million in assets and pay $6.5 million to avoid foreclosure. The firm's website remains active, listing several properties, but the company lacks social media presence and is not mentioned in the founders' LinkedIn profiles.
The report notes that between 2016 and 2019, Sefira Capital raised millions in criminal proceeds without sufficient due diligence, ignoring red flags like discrepancies in sender names and investment amounts. The firm received funds from criminals using The Black Market Peso Exchange, which allowed drug traffickers to swap U.S. dollars for local currencies.
The findings of this report underscore the need for greater scrutiny and oversight of the commercial real estate market to prevent the flow of illicit funds. It is essential that law enforcement agencies continue to investigate and prosecute those who engage in money laundering and other financial crimes.
As conservatives, we believe in the rule of law and the importance of holding individuals and corporations accountable for their actions. We support efforts to combat money laundering and other forms of financial crime, and we call on lawmakers to take action to address this issue.
The fact that millions of dollars in drug money have made their way into the South Florida commercial real estate market is deeply concerning. It is essential that we take steps to prevent this from happening in the future and hold those responsible accountable for their actions.
We will continue to monitor this situation and provide updates as they become available.
Sources:
basedunderground.com
dailymail.co.uk
nbcnews.com
