WEST PALM BEACH, Fla. — An 80-year-old retired attorney from Boca Raton pleaded guilty last week to two counts of federal wire fraud that was close to $7 million.
Craig Sherman entered his plea Monday in federal court in West Palm Beach. Sherman faces up to 20 years in prison for each count and will be ordered to pay restitution to the victims, the U.S. Department of Justice said. Sentencing hasn't been scheduled yet.
Sherman admitted he defrauded friends and clients through an investment scheme from 2013 through 2020.
He worked as the town attorney for the Town of Bay Harbor Islands in Miami-Dade County.
Sherman solicited friends and clients to invest in real estate projects planned or in progress in the town. Investors would loan money for construction projects and would be paid between 6% and 8% interest annually for the loan. The principal would be returned, usually when the construction project was completed.
Instead of using the investment money to fund the construction projects, like he claimed he would, Sherman used it to pay for his personal expenses and to try to keep his law firm running. He also used money from some investors to cover payments due to other investors.
