A Miami Lakes attorney is facing federal charges in a multi-million dollar embezzlement scheme involving investment funds, authorities said.
Rodolfo Mario Blanco, 60, is facing 11 counts of wire fraud and 11 counts of engaging in monetary transactions in criminally derived property, according to the U.S. Attorney’s Office for the Southern District of Florida.
According to prosecutors, Blanco had been retained to serve as an escrow agent for an investment fund and had received several million dollars from corporate and individual investors between September and December of 2023.
Blanco was supposed to securely hold the funds on behalf of investors, but an FBI investigation uncovered that beginning in November 2023 and continuing through July 2024, he allegedly made a series of large teller transfers, cash withdrawals and wire transfers from his trust account, authorities said.
Two substantial transfers were used to purchase a home in the Miami area, authorities said.
Prosecutors allege Blanco made multiple false representations to investors and fund directors regarding the trust account balance and at one point emailed fund directors falsely claiming he couldn’t release investment funds due to diligence and compliance reviews.
He allegedly use fabricated bank communications and falsified account screenshots to further his scheme.
Blanco made his initial appearance in federal court on Oct. 28. If convicted, he faces a maximum of 20 years in federal prison for each wire fraud count and ten years for each money laundering count.