A company led by North Miami investor Yoram Izhak purchased the Lakes Mall in Lauderdale Lakes for $23 million while he has mortgage over millions of amount. Sources tell me Izhak was under investigation for “shady business dealings” back then. Yoram Izhak is also back in the news after laying low for a couple of years. As reported on September 18, 2014 by Local 10’s Bob Norman in Sherifftied political committee accepts money from convicted felon, Yoram Izhak is a major donor for Broward County Sheriff Scott Israel’s re-election campaign. He reported, “One of those leading the money list is developer Yoram Izhak, who is listed on campaign filings for “Citizens for Effective Law Enforcement” as giving $5,000 personally, with another $15,000 coming from companies listed at the building he owns in North Miami.”
Two years later on December 6, 2004, Yoram Izhak pleaded guilty to tax evasion. Of that incident, Local 10’s Bob Norman reported, “…Izhak is also a convicted felon who was indicted 10 years ago in a massive organized crime case. The crime ring was known as “The Corporation” or the “Cuban Mafia” and was allegedly involved in cocaine trafficking, arson, gambling and murder. The indictment alleges Izhak was involved in money laundering for the group. Racketeering and illegal gambling charges filed against him were dropped. He agreed to cooperate with the federal government and pleaded guilty to tax evasion for a sentence of probation.”
Irony struck again when he was sentenced to 36 months’ worth of probation and court-ordered to refrain from possessing “a firearm, destructive devise, or any other dangerous weapon,” according to the Judgment in a Criminal Case, filed in the United States District Court.
One of the many properties acquired by Izhak was the Northside Shopping Center located at NW 79th Street and 27th Avenue. Fifty percent of the shopping center is owned by Izhak’s company, M.I.A. Properties, Inc., which is also the landlord of an office rented to Miami-Dade County Commissioner Jean Monestime. A Miami New Times article dated February 6, 2012 reported that a month earlier the Commission voted to approve a $3 million dollar renovation grant to the Northside Shopping Center despite Izhak’s criminal track record. When the New Times questioned Izhak’s attorney, Glenn Widom, he quickly came to his client’s defense, stating, “I can see no reasonable relationship between his criminal charges and Northside Centre other than subjecting Mr. Izhak and his family to embarrassment. This is simply not newsworthy.”
Rialto, a subsidiary of Lennar, sold the property at a $300,000 loss from its purchase in 2013. The shopping center was developed in 2009. IMC financed the deal with a $12.6 million loan from Sabadell United Bank, according to Marcus & Millichap. IMC is led by Yoram Izhak, an Israeli-born real estate investor and once-convicted tax evader.
In 2002, Izhak was arrested for bringing a revolver into Fort Lauderdale/Hollywood International Airport. Izhak, who said he forgot the weapon was in his bag, settled the charges by paying a $25 fine.