MIAMI (CBS4) – An executive of a Miami Beach manufacturing company has been convicted by a federal jury in a $40 million world-wide investment scheme.

Craig Stanley Toll, 64, of Pembroke Pines, was convicted of two counts of conspiracy to commit wire fraud, three counts of substantive wire fraud, one count of conspiracy to commit money laundering and three counts of making false statements to a United States government agency.

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However, the jury acquitted Toll of 12 counts of wire fraud.

According to the United States Attorney for the Southern District of Florida and the FBI Miami field office, the allegations involved Innovida Holdings, LLC, the manufacturer of fiber composite panels used in the construction industry located on Miami Beach.

According to investigators, Toll acted as the chief financial officer and co-defendant Claudio Osorio was president and owner of Innovida.

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An indictment stated that between March 2007 and March 2011, Toll, Osorio and others offered and sold shareholder interests and joint-venture partnerships in Innovida to approximately 10 investors and investment groups in the U.S. and other countries.

The group reportedly made false representations and omitted facts about the profitability of the company, returns on investments and that the company had a lucrative third-party entity.

In addition, the indictment states the group applied for and obtained $10 million loan from the Overseas Private Investment Corporation between January 2010 and March 2011.

They reportedly got the loan to build a manufacturing facility and 500 homes in Haiti for people after the January 2010 earthquake.

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Co-defendant Claudio Osorio already pled guilty to two counts of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering.