Former Carlisle CEO Pleads Guilty in $30 Million Fraud Involving 10 Low-Income Housing Developments


According to court documents, including the factual proffer in support of the defendant’s plea, Matthew Greer and Lloyd Boggio served, at alternating times, as CEO of Carlisle Development Group (CDG), a low-income housing developer in Miami, Florida. CDG applied for federal tax credits and federal grant monies to build low-income housing developments through a program administered by the Florida Housing Finance Corporation (FHFC). To obtain these federal funds, FHFC required developers to submit proposed development costs, including a construction contract signed by the developer and contractor.

The court records further indicate that Greer and others through CDG, conspired to unjustly enrich themselves by submitting fraudulently inflated low-income housing construction contracts to FHFC’s representatives to obtain excess federal tax credits and grant monies to which they were not entitled, and then to use the proceeds for their personal use and benefit. From 2006 to 2012, Greer, and the other conspirators caused the submission of fraudulently inflated construction contracts on at least eight different low-income housing developments, which resulted in the allocation of at least $26 million in excess federal tax credits and grant monies. Similarly, during the course of the scheme, the conspirators made kickback payments for the benefit of Greer and others totaling at least $26 million.

Greer conspired with representatives of Biscayne Housing Group (BHG) to commit theft of government money and property. BHG employed the same contract inflation scheme of submitting fraudulently inflated contracts to FHFC for the receipt of excess federal tax credits and grant monies. CDG and BHG had a joint venture for two developments. In or around May 2010, Greer and his conspirators agreed to share approximately $3.7 million in excess government funds for these two joint venture developments.