Hollywood, FL – The Department of Financial Services recently announced the arrest of Yamil Cordero for money laundering and workers’ compensation fraud. Cordero is accused of opening a shell company to profit from a scheme that illegally cashes payroll checks and helps contractors avoid paying workers’ compensation premiums and payroll taxes.
An investigation conducted by the Department’s Division of Insurance Fraud discovered that several shell companies were involved in a scheme to illegally cash payroll checks. One of these companies was identified as Sunrise All Contractor Corp., owned by Cordero. The investigation further discovered that more than $7.3 million in payroll checks made out to Sunrise All Contractor Corp. were cashed between September 15, 2014 and January 5, 2015. The company, however, reported no employees.
When Cordero was interviewed, he confessed to having no employees and said that he opened Sunrise All Contractor Corp. with the assistance of someone he has not heard from since November. This person allegedly paid him $2,000 to open a company in Cordero’s name. He also paid Cordero six additional checks for a total of $5,000.
Cordero faces up to 10 years in prison. His case will be prosecuted by the office of Broward County State Attorney Michael J. Satz. This investigation remains open and ongoing.
Source: FL CFO’s Office