A once-hot developer in South Florida’s condo-hotel boom pleaded guilty this week to conspiring to commit bank fraud in Georgia.
Guy Mitchell, whose wispy background and deep pockets perplexed business associates, entered a plea related to his alleged looting of a Georgia bank that ultimately failed. Mitchell, 53, was Integrity Bank’s top customer and prosecutors say he bribed a loan officer to help him siphon off about $40 million from the bank — money that helped fund his island home, Miami Heat tickets, Coral Gables mansion, and private-jet travel as he courted investors and generally portrayed himself as a developer with money to burn.
He was a primary backer of a failed bid to convert South Beach’s Royal Palm hotel into a condo-hotel complex. Mitchell helped launch the venture in 2005 but the hotel was facing foreclosure actions five years later as a crashed real estate market swamped the plan.
Mitchell is scheduled to be sentenced in October, according an FBI press release. He faces up to five years in prison and a $250,000 fine.