Miami Man Convicted In Va Fraud Case

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.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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