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A 63-year-old Pasco County real estate executive has been sentenced to two years in prison for money laundering.
Frank Sebastian Visicaro, who pleaded guilty in late 2021, must also pay $1.09 million in restitution.
According to the plea agreement, between March 2009 and December 2013 Visicaro helped "perpetuate an international wire fraud scheme” that saw between $500,000 and $1.5 million flow through accounts he owned.
The money came from a boiler room scheme that duped victims into sending money for bogus investments. When the person was convinced to invest, they’d be asked to wire money for the investment as well as fees and expenses.
The money would go into the bank accounts of shell companies and other business controlled by the conspirators. Visicaro used his real company — Buy and Sell Real Estate Inc. — and two shell companies — Buy and Sell Realty and Investment LLC and Clear View Group LLC — to launder the money, according to the agreement.
In some cases, the money was wired directly to accounts controlled by Visicaro. More often than not, money was wired to his co-conspirators and then re-wired to his accounts, which acted as a buffer of sorts, making it easier to conceal. He would then send the money to those working in the boiler rooms and his co-conspirators.
Visicaro received a percentage of the funds for his work.
In all, prosecutors say, more than $1 million in money from the victims flowed into the Visicaro-controlled accounts.
The case was investigated by Homeland Security's investigations division and the Internal Revenue Service’s criminal investigation division. Assistant U.S. attorneys Rachelle DesVaux Bedke and David W.A. Chee prosecuted the case.
“We are committed to stopping transnational criminal organizations from targeting unsuspecting victims with fraudulent investment schemes that use high-pressure tactics,” John Dumas, Homeland Security investigation’s assistant special agent in charge in Tampa, says in a statement.
“HSI Tampa and the (IRS) are formidable investigative partners working together with our international partners to stop these fraudsters from taking peoples’ hard-earned money.”
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