The Case of Former Hialeah Police Chief Sergio Velazquez: Alleged Embezzlement and Luxury Watch Spending Scandal
A former police chief from Miami-Dade County, Sergio Velazquez, has been arrested for allegedly embezzling public funds and spending a significant amount of it on luxury watches from Rolex. Velazquez, 62, served as the Hialeah police chief until his suspension in 2021 and is facing charges of structuring grand theft and organized scheme to defraud. The Miami-Dade State Attorney described the case as "shocking."
Velazquez, who was the second-highest-paid city employee with a salary of $211,000, was suspended by the newly elected Hialeah Mayor Esteban Bovo in November 2021. An investigation was initiated after the current police chief, George Fuente, discovered discrepancies in petty cash and seized funds stored in the department's safe, leading to a complaint being filed.
The Florida Department of Law Enforcement alleges that Velazquez made over 900 cash deposits into personal bank accounts, each under $10,000 to avoid federal reporting requirements. The money came from confidential police operations and court-ordered forfeitures. Financial records revealed that Velazquez made purchases totaling over $300,000 at Rolex, $11,000 at Cartier, $6,700 at Louis Vuitton, and $5,000 at Versace.
Following Velazquez's suspension, the suspicious cash deposits ceased, and approximately $560,000 in funds were unaccounted for in the final five months of his tenure. Authorities stated that 62 deposits were made into Velazquez's account during that time, prompting a thorough investigation that involved 4,500 hours of work, including subpoenas of financial records, search warrants, and interviews.
Velazquez was held on a $30,000 bond and appeared in court, where his attorney entered a non-guilty plea on his behalf. He was granted bail after the court appearance. The case continues to unfold as authorities delve deeper into the alleged embezzlement and misuse of public funds.