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Fla. Businessman Gets 12+ Years For 50M Fraud

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(Credit: Thinkstock)

(Credit: Thinkstock)

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South Florida Crime

FORT LAUDERDALE (CBSMiami/AP) – A South Florida businessman, after defrauding investors out of millions of dollars, was sentenced Wednesday to more than 12 years in federal prison.

Claudio Osorio, 54, pleaded guilty earlier this year to wire fraud and money laundering conspiracy charges.

U.S. District Judge William Dimitrouleas sentenced Osorio who, according to prosecutors, defrauded investors out of about $40 million in his Innovida Holdings company.

Court records show investors included former Heat player Alonzo Mourning and NBA star Carlos Boozer.

The fraud also included a $10 million federal grant to build 500 low-cost housing units in Haiti after the 2010 earthquake, but the project never got off the ground.

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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