A massive drug and money laundering scheme allegedly paid for about $2.7 million in Florida real estate.
A Delray Beach cannabis company known as Not Your Bakery LLC was found to be distributing highly concentrated marijuana products and laundering some $33 million, according to an investigation by the Palm Beach County Sheriff’s Office.
Some of the money was spent on South Florida real estate, according to court documents. That includes a $1.2 million Boynton Beach home and a $1 million condo unit in Pompano Beach.
Illegal proceeds paid for about $2.7 million across the following properties, according to investigators:
- 4950 Glenn Pine Lane, Boynton Beach – $1.2 million
- 1300 South Ocean Boulevard #702, Pompano Beach – $1 million
- 13 Oak Knoll Street, Citrus County – $133,000
- Lease in Briny Breezes – $340,000
Four people are suspects, per the investigation. Two of them — Hassan Mohamed Soueid and Casey Anne Smith — have been arrested and face multiple felony charges, including money laundering, fraud and drug crimes.
The group used a series of “front” companies to launder the money and create the appearance of a legitimate business, investigators said. They also purchased four cars using illicit money, according to court records.
It’s not uncommon for south Florida real estate to be intertwined with alleged crimes.
A former CIA agent who pleaded guilty this month to defrauding the federal government of $193 million used the proceeds of his scheme to buy more than $100 million in properties in Palm Beach and Jupiter Island. All four properties were listed for sale as of mid-October.
Earlier this year, developer Rishi Kapoor was sentenced to 11 years and four months in prison for overseeing a $89 million fraud scheme. He pleaded guilty to money laundering and payroll tax conspiracy.
Prosecutors claimed he purchased a $5 million yacht and a $5.9 million Coral Gables home using misappropriated investor funds.
Read more
Rishi Kapoor sentenced to 11-plus years behind bars for $89M fraud scheme
South Florida homes tied to ex-CIA officer’s $193M scam are for sale
Ex-CIA officer who stashed gold used Palm Beach luxury homes in $193M scam
