Miami developer accused of $85M fraud scheme, blowing investor cash on yacht, Rolex

A federal indictment unsealed on Friday charged a Florida real estate developer with orchestrating an $85 million fraud scheme, failing to pay millions in taxes, and lying to financial institutions to purchase a luxury yacht.

Rishi Kapoor, 41, of Miami, is charged with conspiracy to commit wire fraud, wire fraud, money laundering, conspiracy to commit offenses against and to defraud the U.S., failure to pay payroll taxes, tax evasion, failure to file tax returns, and bank fraud. 

The...