Ex-Hialeah police chief Sergio Velazquez arrested in alleged theft of public funds spent on Rolex, Cartier, authorities say
Alleged misuse of police funds and financial structuring
Miami-Dade State Attorney Katherine Fernandez Rundle said Sergio Velazquez, 62, who served as chief from 2012 until his suspension in 2021, is charged with structuring, grand theft and an organized scheme to defraud.
She called the case "shocking," citing the breach of public trust by someone in such a high-ranking position. Velazquez was arrested as he left his home Monday morning.
At the time of his suspension by newly elected Hialeah Mayor Esteban Bovo in November 2021, Velazquez was earning $211,000 annually, making him the city's second-highest-paid employee.
Investigation details reveal cash deposits and luxury purchases
John Vecchio, Special Agent in Charge for the Florida Department of Law Enforcement's Miami Regional Operations Center, said the arrest followed a complaint from the current police chief, who discovered discrepancies involving seized funds and petty cash stored in the department's safe.
FDLE agents allege that between 2015 and 2021, Velazquez made more than 900 cash deposits across multiple personal bank accounts, all under $10,000, amounts structured to avoid federal reporting requirements.
The funds allegedly came from sources intended for confidential police operations and court-ordered forfeitures.
Financial records reviewed in the investigation show Velazquez made over $300,000 in purchases from Rolex, along with additional luxury expenditures including $11,000 at Cartier, $6,700 at Louis Vuitton, and $5,000 at Versace.
Officials noted that all suspicious cash deposit activity ceased following Velazquez's suspension in late 2021.
Over $500,000 missing during five-month span
The FDLE's probe revealed that during the final five months of Velazquez's tenure—from May to October 2021—about $560,000 in department funds were unaccounted for. Investigators identified 62 cash deposits during that time, all under the $10,000 threshold.
Vecchio said the case involved more than 4,500 hours of investigative work, including subpoenaing financial records, conducting interviews, and executing search warrants.
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