Latest news with #SergioVelazquez
CBS News
7 days ago
- Business
- CBS News
Former Hialeah Police Chief Sergio Velazquez pleads not guilty to fraud, grand theft charges
One day after being arrested for allegedly stealing hundreds of thousands of dollars in public funds, former Hialeah Police Chief Sergio Velazquez appeared in court where he entered a plea of not guilty. Velazquez, 62, is charged with structuring, grand theft and an organized scheme to defraud. During a hearing Tuesday morning, Velazquez's attorney entered the plea on his client's behalf and requested a trial by jury. Miami-Dade County Judge Mindy Glazer, who found probable cause for the charges, set bond at $30 thousand. An official arraignment will take place in 21 days. Velazquez served as police chief from 2012 until his suspension in 2021. Police chief's alleged spending spree His arrest followed a complaint from the current police chief, who discovered discrepancies involving seized funds and petty cash stored in the department's safe, according to the Florida Department of Law Enforcement which conducted an investigation. 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. 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. 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.
CBS News
02-06-2025
- Business
- CBS News
Ex-Hialeah police chief Sergio Velazquez arrested in alleged theft of public funds spent on Rolex, Cartier, authorities say
A former Hialeah police chief was arrested Monday following an investigation into allegations that he stole hundreds of thousands of dollars in public funds, officials said. 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.
