One time high-flying Miami Beach entrepreneur Claudio Osorio is set to plead guilty Friday to fraud charges.
Osorio was indicted in December for actions as the CEO of InnoVida Holdings LLC. The Securities and Exchange Commission filed a simultaneous action seeking civil sanctions against Osorio.
He is set to appear for a change of plea conference Friday afternoon in front of U.S. District Judge Cecilia Altonaga in Miami.
His attorney, Humberto Rolando Dominguez, was not available for comment by deadline.
The indictment alleges at least 10 investors were victimized by InnoVida in an estimated $50 million fraud. Coral Gables attorney-developer Christopher Korge was the most prominent alleged victim.
A bankruptcy judge ordered the company liquidated, citing Osorio’s "lies" to the court. In November 2011, his Star Island mansion was auctioned for nearly $13 million as part of the bankruptcy case.
Osorio, a Venezuelan native, also is accused of fleecing the U.S. government out of $10 million in loans that he said would help rebuild earthquake-stricken Haiti.
InnoVida manufactured fiber panels for use in residential, commercial and government construction projects without the need for reinforcing cement or steel.
Osorio was named Ernst & Young’s Entrepreneur of the Year in 1997 for his operation of CHS Finance and CHS Electronics. That company went bankrupt in 2000 with liabilities totaling $220 million.
While Osorio is scheduled to plead guilty, his co-defendant — Craig Stanley Toll, the CFO for InnoVida Holdings — is still fighting the indictment.