Posted on 06/14/2024 5:47:14 AM PDT by Red Badger
A new report is revealing how illegal drug funds have made their way through the commercial real estate market in South Florida “and beyond”, according to Bisnow.
Among examples was Miami’s Sefira Capital, who agreed to forfeit over $29M in 2021 to settle a DEA investigation into money laundering, though it admitted no wrongdoing.
The firm was accused of ignoring red flags about investor funds and was implicated in a DEA sting operation, revealing millions in drug money flowed through its investment fund, Bisnow reports.
The probe included a $63M hotel acquisition near Washington, D.C., and an office building in Fort Lauderdale used by Broward County prosecutors.
This case is among five highlighted in a report on money laundering risks in commercial real estate by Global Financial Integrity and others, noting $2.6B laundered across 22 states, with California, Florida, and New York being the top destinations.
The DOJ alleged 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.
As part of the DEA investigation, dollars were bought on the black market and transferred to Sefira’s U.S. accounts under the guidance of money laundering brokers.
Sefira Capital, founded by Aby Galsky and Mijael Attias in late 2015, purchased at least seven properties in Florida and three in South Florida from 2015 to 2021, allegedly using laundered money. In a statement to Bisnow, Sefira claimed no knowledge or intent regarding the funds’ origins, stating they were passive recipients.
Sefira’s joint venture with Highline Real Estate Capital included buying and later selling the Courthouse Place office near the Broward County courthouse. Highline’s founder, David Moret, stated the DEA did not investigate their joint venture properties.
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 $62M in 2018. Driftwood stated that Sefira was a passive limited partner.
In 2021, Sefira settled with the DOJ, agreeing to forfeit $22.5M in assets and pay $6.5M to avoid foreclosure. Galsky and Attias have since parted ways with Sefira and started new firms. Sefira’s website remains active, listing several properties, but the company lacks social media presence and is not mentioned in the founders’ LinkedIn profiles.
Where’s Tony and his little friend?
It’s the 80’s all over again. Will Miami Vice return?
They used to worry about money laundering in the financial markets, but with current controls it’s difficult to hide large amounts. Much easier in the real estate market, hardly any controls, and just look to the Biden’s shell companies as an example, apparently even the FBI can’t unwind that.
My mother-in-law’s boyfriend is a retired Miami detective. Also was a NYPD Detective.
He said the drug money was flowing like water back in the days.
Bribes were practically in the open. Even some really good cops took the money...................
This is new NOW?
I watched Miami Vice.
This is news? This has been the case since the 80s.
Come on down to Florida, I got somethin’ for ya
We could see the kilos or the Keys, baby, oh yeah
Guns in the summertime, chic-a-Cherry Cola lime
Prison isn’t nothing to me, if you’ll be by my side
Behold! All things old are new again!....................
A Pirate Looks at Forty
by Jimmy Buffett
Mother, mother ocean, I have heard you call
Wanted to sail upon your waters since I was three feet tall
You’ve seen it all, you’ve seen it all
Watched the men who rode you, switch from sails to steam
And in your belly, you hold the treasures few have ever seen
Most of ‘em dream, most of ‘em dream
Yes, I am a pirate, two hundred years too late
The cannons don’t thunder, there’s nothin’ to plunder
I’m an over-forty victim of fate
Arriving too late, arriving too late
I’ve done a bit of smugglin’, and I’ve run my share of grass
I made enough money to buy Miami, but I pissed it away so fast
Never meant to last, never meant to last
And I have been drunk now for over two weeks
I passed out and I rallied and I sprung a few leaks
But I got to stop wishin’, got to go fishin’
Down to rock bottom again
Just a few friends, just a few friends
I go for younger women, lived with several a while
Though I ran ‘em away, they’d come back one day
Still could manage to smile
Just takes a while, just takes a while
Mother, mother ocean, after all the years I’ve found
My occupational hazard being my occupation’s just not around
I feel like I’ve drowned, gonna head uptown
I feel like I’ve drowned, gonna head uptown
Source: Musixmatch
Songwriters: Jimmy Buffett
A Pirate Looks at Forty lyrics © Duchess Music Corp.
Coke money practically built .Miami in the 80s.
Proof? All these scumbag addicts living in tents on our sidewalks.
Back to Miami Vice.
When has millions of drug money ever NOT been used to purchase South Florida real estate?
Kalamatianos, opa!
Wow, that’s never happened before.
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