RICHMOND, Va. (AP) – A federal jury in Richmond has convicted a Miami businessman of bilking 577 people out of $132 million.
The jury on Thursday found Edward Hugh Okun guilty of 23 counts, including fraud, money laundering, bulk-cash smuggling and making a false statement.
He faces up to 400 years in prison when he is sentenced Aug. 4.
Federal Public Defender Rob Wagner said the verdict will be appealed.
The 58-year-old Okun owned two Richmond companies that held money from clients seeking to defer capital gains taxes on property sales.
Prosecutors claimed he illegally spent his clients' money on a lavish lifestyle that included a waterfront mansion, a personal jet, a yacht and jewelry for his new wife.
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