Hibiscus Island Home Of Ponzi Scheme Swindler Scheduled for Auction

Hibiscus Island Miami Beach real estate - ponzi scheme swindler house

Hibiscus Island Miami Beach Home - 394 S Hibiscus Drive, Miami Beach Florida

Hibiscus Island, adjacent to Palm Island, is a guard-gated island community, with 24-hour Miami Beach police security, and some of the most luxurious homes in South Florida. 394 S. Hibiscus Drive is the address of one of those homes, a luxurious 5,500 square feet luxury waterfront home on a large lot, which, up until just 2 months ago, belonged to the now infamous Edward Okun, recently convicted of bilking investors out of $126 million in an elaborate ponzi scheme.

In just about 10 days from now, the property is scheduled for auction at the Miami Court House. Okun, of course, is behind bars, while he awaits sentencing for the crime. He purchased the 7 bedrooms, 7 bathrooms Miami Beach home in 2005 for $5,500,000. The jury found Okun guilty of conspiracy to commit money laundering, money laundering, and conspiracy to commit mail and wire fraud, wire fraud, bulk cash smuggling and perjury.

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