Boca Falls resident convicted of money laundering

WEST BOCA RATON MAN CLAIMED HE WAS A REALTOR. WASN’T. TOOK MORE THAN $1M FROM THE WOMAN.

BY: STAFF REPORT | BocaNewsNow.com

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2024 MetroDesk Media, LLC) — Boca Falls resident David Bruce Cohen remains in the Palm Beach County Jail Saturday morning awaiting sentencing on multiple charges of money laundering and fraud . He was convicted by a jury on Friday and immediately taken into custody. No deposit has been provided.

We first reported on Cohen in 2020 when he was arrested and charged with taking $1.2 million from a woman who thought he was a licensed real estate agent. He wasn’t – and isn’t. Cohen told the woman he invested the money in a cannabis company, a real estate project and more. But investigators discovered he had invested the money in nothing but himself. He was arrested in 2020 and charged with: “Fraud – money laundering $100,000 or more,” “Fraud, swindle, obtaining property (worth) $50,000 or more,” and “Grand theft – first degree $100,000 or more.” ‘

The arrest report details months of investigative work by the Palm Beach County Sheriff’s Office and financial crimes experts. Here is a key part: “In November 2016, Cohen led her to invest $1,200,000 in a cannabis company, Mass Alternative Care Inc., based in Massachusetts. She would receive an 8 percent return. Interest would accrue for 24 months. She would receive her first dividend payment in December 2018. She has not received any benefits. Ian August 2017 Cohen got her to invest $250,000 in a townhouse project. She would receive a 12 percent return. The promissory note would mature on July 1, 2019, and principal and accrued interest would be due on the same date.”

The Palm Beach County jury convicted Cohen of “money laundering, $100,000 or more,” and “theft, $100,000 or more.” Cohen will be held in jail until sentencing, now set for January 2025. We note that his Boca Falls home is valued at $746,924 but has been reclaimed twice since his 2020 arrest. However, the Palm Beach County Sheriff’s Office lists this as his current home address. Boca Falls is a gated community in West Boca Raton.