Dimitrouleas took over the case this week from U.S. District Judge Cecilia Altonaga, who was supposed to hear Osorio’s change of plea in Miami on Friday. Altonaga recused herself from the case.

As Osorio awaits sentencing, he will be held without bond and remain at the Miami Federal Detention Center.

In 2011, a bankruptcy judge ordered Osorio to sell the one major asset that belonged to him and his wife, Amarilis. The couple auctioned their one-acre, two-story Star Island home with infinity pool for $12.7 million.

The sale of the heavily mortgaged property generated millions for banks and other lenders, and some money for his burned investors.

Osorio was allowed to keep at least $500,000 of the sales proceeds. Last July, he and his wife paid nearly $924,000 for a four-bedroom, five-bathroom condominium in Aventura, but now federal prosecutors have moved to seize the property as part of the criminal case.

According to an indictment, Osorio conspired to swindle $40 million from 10 investors and an additional $10 million from a federal government program between 2006 and 2011. The government grant was for building 500 homes in Haiti after its devastating earthquake in January 2010 — a project that Osorio touted to promote his company, but which never broke ground.

Osorio’s co-defendant, Craig S. Toll, 64, of Pembroke Pines, has pleaded not guilty. He was the CFO for Innovida.

Toll’s attorney, Richard Sharpstein, said his client should not have been named in the indictment with Osorio because he committed no wrongdoing. Sharpstein said Toll was unaware of Osorio’s fraudulent financial and banking activities.

Osorio moved investors’ money to off-shore bank accounts in the Cayman Islands, which the bankruptcy trustee of his failed company said he could not recover because the money was either spent on Osorio’s extravagant lifestyle or moved to other secret accounts overseas.

Osorio’s indictment referred to an “unindicted co-conspirator” who personally benefited from his business scam. Although not identified by name, the co-conspirator is his wife, according to sources familiar with the case.

The wife, Amarilis, won’t be charged as part of Osorio’s plea deal, Assistant U.S. Attorney Lois Foster-Steers said in court Thursday.

Signs of her husband’s downfall emerged in January 2011, when the Swiss government obtained the Justice Department’s assistance to investigate possible criminal charges against Osorio in Switzerland.

Authorities there alleged Osorio and others fraudulently obtained $220 million in loans from Swiss banks in the late 1990s by lying about the soundness of his previous venture, CHS.

It was a former Fortune 500 distributor of computers worldwide that filed for bankruptcy in 2000, and settled a securities fraud case with a class of shareholders the following year.

The status of the Swiss investigation is unclear.