In a press conference on November 15, 2022, Miami-Dade prosecutor Katherine Fernandez Rundle stated, “Racketeering and money laundering are terms we usually associate with drug cartels and drug transactions or organized crime or large-scale international bribery schemes. Never would anyone have connected these terms to daily operations of a South Florida Homeowners Association. Never would anyone have connected such serious allegations to one of the largest homeowner associations in Florida.”


Silicon Valley Bank was the Nation’s 16th largest banking institution heavily focused on the tech industry and many of its depositors were tech-based venture capital backed companies. According to reports, the FDIC said in a statement that SVB had over $209 billion in assets and $174.5 billion in deposits on March 10th during its failure.


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