Miami Developer Gets 11 Years in Prison for $89 Million Investor Scam To Fund His Lavish Lifestyle

A real estate developer in Miami was sentenced to more than 11 years in federal prison after defrauding investors out of approximately $89 million.Rishi Kapoor, 41, used investor money to fund a lavish lifestyle, making purchases including a 2.8-carat diamond ring, a 68-foot yacht, and a $5.9 million home in the exclusive Cocoplum neighborhood of Coral Gables, FL, federal prosecutors say.After pleading guilty to money laundering and conspiracy to fail to pay payroll taxes, Kapoor was sentenced to 136 months in federal prison by U.S. District Judge K. Michael Moore on Aug. 27.“Rishi Kapoor raised approximately $89 million from investors by promising real estate developments, then diverted millions of dollars to fund his own lavish lifestyle,” U.S. Attorney Jason A. Reding Quiñones for the Southern District of Florida said in a statement. “Kapoor will now spend more than 11 years in federal prison for a years-long scheme built on deception, greed, and the misuse of other people’s money.”Kapoor was the CEO of Location Ventures, a Miami-based real estate development company that promoted projects in Coral Gables, Coconut Grove, Miami Beach, and Fort Lauderdale, according to court recor...