BUSINESS

Miami Man Indicted Over $132 Million Tax Fraud

03/28/2008 05:12 am ET | Updated May 25, 2011

A big-spending Miami businessman who once owned fleets of planes, boats and automobiles was arrested Tuesday at his waterfront home on Hibiscus Island on federal charges that he defrauded hundreds of investors in his tax-shelter scheme out of $132 million.

Edward Okun, 57, was indicted Monday by a federal grand jury in Richmond, Va., on one count each of mail fraud, bulk cash smuggling and making false statements.

The indictment also seeks the forfeiture of all of Okun's remaining assets.

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