Florida attorney Derek Acree was sentenced to 41 months in prison for a scheme where he, and at least one co-conspirator, filed fraudulent COVID loan (Economic Injury Disaster loans and Paycheck Protection Program loans) applications for $1.6 million. Of that total, authorities say Acree kept ~$870,000 for his personal use.
The prison sentence imposed by U.S. District Judge Raag Singhal’s is on the low end of the sentencing guidelines. However, he also ordered Acree pay $1.26 million in restitution, as well as $1.6 million in asset forfeiture.
The preliminary forfeiture order also contains a treasure trove of details on what Acree spent his ill-gotten windfall on. As reported by Law.com:
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The order shows that Acree made an “$11,000 payment to Trump National Golf Club, monthly payments of child school tuition,” and repairs to his boat. In addition, he made payments to “Salles Jewelers in the amount of $67,900, XO Global in the amount of $54,795 for private jet services, and a $46,000 down payment for a home” in Palm Beach Gardens.
This isn’t Acree’s first brush with law enforcement, In August 2021, he settled Securities and Exchange Commission allegations regarding the unregistered sale of $30 million in securities and for allegedly misleading investors. He agreed to disgorge ~$13 million and paid $125,000 in penalties.
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @[email protected].