Miramar man pleads guilty to Homepals Ponzi scheme

By Palm Beach Business.com

WEST PALM BEACH — A 33-year-old Miramar man because the second man to plead guilty for his role in a Ponzi scheme that took more than 600 investors for more than $12 million.

Abner Alabre, 33, of Miramar pleaded to one count of conspiracy to commit securities fraud in connection with an investment scam called Homepals Investment Club LLC and Homepals, LLC.  Federal Judge Kenneth A. Marra is to sentence Alabre, but a date has not yet been scheduled.

Last month, Brian Taglieri, 39 of Jupiter, also pleaded guilty to one count of conspiracy to commit securities fraud in connection with the scam. He has yet to be sentenced. Two other defendants remain: Ronnie Bass Jr., 37, of Miramar, charged with conspiracy to commit securities fraud and money laundering, substantive securities and wire fraud, and money laundering;  Michael Muzio, 45, of Tampa, is charged with conspiracy to commit money laundering and substantive money laundering for assisting the transfers of proceeds of this scheme. No trial date has been scheduled.

According to court records, Homepals Investment Club LLC and Homepals LLC operated between April 2008 and March 2009, promising investors a return of 90 to 100 percent in just 90 days. Although investors were often told that these high returns would be generated through securities trading, the defendants simply used new investors' money to pay promised returns to existing investors.

The defendants raised more than $12 million from investors by selling unsecured notes issued by the two Homepals. Defendants lied to investors and failed to disclose other facts in order to get their money.

According to the Indictment and statements by the defendants,  investor money was used to buy, among other things, interests in a night club, a cigar business operated by Michael Muzio, and to pay for unauthorized personal.