Mob Suspects Arrested in Undercover Sting

Posted on July 19, 2006 by LCT Staff - Also by this author - About the author

MIAMI — An undercover Miami-Dade police officer brought down an illegal money laundering scheme allegedly arranged by the South Florida branch of the Genovese crime family. Also arrested in the scheme was assumed mob suspect and Coach industries Group (CIGI) head Francis “Frank” O’Donnell.

The six-count indictment includes charges of extortion, robbery, money laundering, loan-sharking, possession of stolen property, and bank fraud.

The bust occurred after the suspects approached a drug dealer, proposing that with CIGI going public, the company would become the perfect place to launder the dealer’s money. The only problem — the drug dealer was an undercover cop.

Renaldi “Ray” Ruggiero of West Palm Beach Gardens faces up to 120 years in prison and fines up to $1.75 million. Police consider Ruggiero to be a family captain of national stature. The other suspects face lower, but maximum, sentences.

SOURCE: The Miami Herald

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