- Associated Press - Tuesday, September 1, 2015

MIAMI (AP) - Four developers in Miami and a Fort Lauderdale contractor are pleading guilty to federal charges stemming from an alleged $36 million affordable housing fraud.

Biscayne Housing Group co-founders Michael Cox and Gonzalo DeRamon pleaded guilty Monday to conspiracy charges. Two principals in the Carlisle Development Group - former CEO Matthew Greer and co-founder Lloyd Boggio - are scheduled to plead guilty later this week.

B&K; Construction Services President Michael Runyan also pleaded guilty to a conspiracy charge Monday.

Federal prosecutors say the men and others stole $36 million in federal housing subsidies by inflating construction costs and taking kickbacks. Most of the projects were in inner-city Miami-area neighborhoods, including Overtown, Brownsville and Little Haiti.

The Miami Herald reports (https://hrld.us/1Vtclse ) prosecutors have recovered about $11 million of the stolen money.

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Information from: The Miami Herald: https://theherald.com


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