Monday, July 28, 2008

Three Men Indicted in $82M Money Laundering Scheme

The Herald Tribune reports that Neil Mohamed Husani along with Michael Tringali, John A. Yanchek, 48, and Larry P. Nardelli have been indicted by the US grand jury on 47 counts of conspiracy, making false statements in connections with bank loans, and a scheme to defraud seven banks in the Tampa-Sarasota area.

An investigation was launched after articles were published describing Husani’s multimillion-dollar real estate deals. From October 2003 to March 2006, Husani and others completed 27 real estate deals in Sarasota counties, buying land for a total of $69 million and reselling it for $147 million. Husani helped partners raise more than $84 million in bank loans and he netted more than $5.8 million in profits.

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