A federal jury convicted two Miami Beach residents of defrauding customers out of $8 million in a scheme to develop Rum Cay in the Bahamas, according to a story in the South Florida Business Journal.
The two ran Paradise is Mine and federal prosecutors said no money went to the Bahamas. Both individuals will be sentenced on Jan. 5. Lawrence Foster, 49, was found guilty of seven counts of wire fraud and conspiring to commit wire fraud. He faces up to 20 years in prison. Johana Leon, 38, was convicted of three counts of structuring currency transactions. She faces up to five years.