Miami Developer Sergio Pino: FBI Raid, Long History of Investigations, and Political Donations

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Jul 5

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UPDATED July 17, 2024: We are saddened to learn about the passing of Sergio Pino, who reportedly took his own life on July 16, 2024. Our thoughts and heartfelt condolences are with his family and loved ones during this difficult time. Sergio Pino's contributions to the Miami community were significant, and his legacy will be remembered. Below, we reflect on the numerous headlines that highlighted his career over the last four decades.

The FBI raided the waterfront home of major Miami-Dade developer Sergio Pino and his company’s office in Coral Gables on June 24, according to reporting by the Miami Herald. This unleashed a series of headlines around the world, unveiling toxic details about Mr. Pino’s divorce proceedings with his wife, including allegations that he “poisoned his estranged wife multiple times with fentanyl” (NY Post) and “Sergio Pino says someone shot at the front door of his home, made phone threats” (Miami Herald).

So who is Sergio Pino? He is a prominent developer specializing in Doral real estate, yet he is also a notorious businessman known for his controversial dealings. Despite remaining largely out of the headlines since the collapse and bailout of U.S. Century Bank, a bank in which he was a major early investor and served as Vice President of its board, his name has resurfaced due to details emerging from his contentious divorce.

Known for his significant local influence, Pino has been a major fundraiser, giving prolific sums to Miami’s political dynasties for decades, currying favor from local politicians and rubbing elbows with the powerful. Since he is in the current spotlight, we decided that Miamians deserve a recap of his influence and indiscretions.

🔍 Current Investigation (2024):

🚩 Allegations: Involvement in physical threats against his wife, Tatiana Pino, and her family amidst their divorce. Ms. Pino filed for divorce in April 2022.

🚔 Details: FBI raids his home and business; there is an ongoing investigation into hiring men to threaten his wife, accusations of poisoning.

⚖️ Legal Status: No charges have been filed.

🔎 Previous Investigations:

🗂️ 2002: In March 1995, the Miami-Dade Aviation Department (MDAD) advertised a 5 year contract (RFQ) for a duty-free concession at Miami International Airport, emphasizing Disadvantaged Business Enterprise (DBE) participation. The winning bid included four DBE partners: Century Duty Free (Sergio Pino), Miami To Go (Carole Ann Taylor), Media Consultants inc, (Luis De Cardenas), and Maria J. Argudin (City of Miami Asst Manager). The Office of the Inspector General (OIG) later concluded that they violated provisions of the Duty Free Concession Agreement by not fulfilling its contractual obligation for real, meaningful, and commercially useful participation of its DBE partners. The OIG's report revealed that, since 1995, the DBE partners received over $14.6 million in revenues but their involvement was essentially limited to attending board meetings and providing verbal input, which did not meet the expected and required participation. The duty free contract with the partners ended in 2005. Read the OIG report here.

⚖️ 2006: A federal grand jury investigated a trip to Cancún with Commissioner Jose “Pepe” Diaz for alleged project support in Doral. Part of the investigation focused on a May 2004 fishing trip to Cancún aboard Pino’s private jet. No charges were filed.

💵 2010: Century Homebuilders was ordered to pay $460,000 for failing to fulfill its commitments. The home builder received a federal permit for the Islands of Doral development, which required them to compensate for destroying 415 acres of wetlands by creating a 47-acre wetlands preserve. Century failed to complete this task.

Pino’s Role in U.S. Century Bank Bailout:

Background: Pino was a major early investor in U.S. Century Bank in 2002 and was vice chairman of its board of directors.

🏦 U.S. Century Bank's Growth and Decline (according to reporting from ProPublica):

2002-2009: Bank launched and has rapid growth, reaching over $1 billion in assets

Insider Loans: High levels ($111 million) of insider lending, often for speculative real estate projects. At its peak, insider loans exceeded 94% of total equity capital.

Financial Troubles: By 2009, the bank faced significant nonperforming and delinquent loans, leading to a steep decline.

TARP Loan: U.S. Century Bank received $50.2 million from the Troubled Asset Relief Program (TARP), more than any other bank in Florida.

2011: FDIC Consent Order requires overhauling operations, increasing capital, and implementing anti-money laundering measures.

2012: A group of minority shareholders file a class action lawsuit in Miami-Dade Circuit Court to recoup more than $10 million in losses.

2013: The lawsuit against U.S. Century Bank was settled for $4.5 million in stock to the plaintiffs despite objections from the FDIC that the arrangement would violate the terms of its enforcement action.

👥 Pino's Influence: Pino used the bank as a personal funding source for his real estate ventures. His companies frequently received insider loans from U.S. Century. Additionally, Pino benefitted from U.S. Century Bank branch locations and collected rental income of $2.7 million from their bank in 2011.

💰 Sergio Pino’s Recent Political Donations:

We traced an astonishing 179 LLCs owned or controlled by Sergio Pino, registered over the last four decades—the highest number for any single donor we've encountered. While some of these businesses are now inactive, there are 48 active LLCs listed in his 2022 divorce case. Pino's extensive network of businesses has funneled substantial contributions to local, state, and federal campaigns, showcasing his considerable influence in Miami-Dade politics.

Just this year, Sergio Pino and his companies have donated to several prominent politicians and committees. These include Miami-Dade Mayor Daniella Levine Cava; the political committee “It's All About You Doral,” associated with Doral Councilwoman Digna Cabral; Miami-Dade County Commissioner Roberto J. Gonzalez; School Board Member Mary Blanco; Miami-Dade County Commissioner Rene Garcia; the political committee “Citizens for Excellence In Miami-Dade County Government,” affiliated with County Commissioner Raquel Regalado; and J.C. Planas, a former state representative now running for Miami-Dade County Supervisor of Elections.

But that's only half the story. If all of Sergio Pino's donations came from himself rather than his various companies, he would have violated Florida’s campaign finance laws, which cap donations at $1,000 per entity. By using multiple companies, he was able to circumvent this limit. For example, he gave $2,000 to Commissioner Roberto J. Gonzalez: $1,000 from “CENTURY MIDTOWN DORAL, LLC” and another $1,000 from “CENTURY MIDTOWN PROPERTIES LLC,” both on 4/26/2024. Both companies are registered at the same address: 1805 Ponce De Leon Blvd, Suite 100, in Coral Gables.

This type of bundling pays big dividends to several of his favored candidates, and their affiliated political committees. Take a look at the total donations we compiled for former County Commissioner and current candidate for Sheriff Joe Martinez, Commissioner Juan Carlos Bermudez, Commissioner Raquel Regalado, Congressman Carlos Gimenez, and current Coral Gables Mayor Vince Lago:

Former presidential candidate and current City of Miami Mayor Francis Suarez	$50,000	One single donation to Francis Suarez’s PAC, SOS America PAC. See FEC report here.
Former County Commissioner and current candidate for Sheriff Joe Martinez	$28,000	View Sergio Pino-related contributions to Joe Martinez and his affiliated political committees here.
County Commissioner Juan Carlos Bermudez	$48,500	View Sergio Pino-related contributions to Juan Carlos Bermudez here and to a political committee supporting him here.
County Commissioner Raquel Regalado	$13,000	View Sergio Pino-related contributions to Raquel Regalado and her political committee here.
U.S. Congressman and Former Miami-Dade County Mayor Carlos Gimenez	$16,000	View Sergio Pino-related contributions to Carlos Gimenez and his political committee here.
Mayor of Coral Gables Vince Lago	$20,500	View Sergio Pino-related contributions to Vince Lago and his political committee here.

💰 Sergio Pino-related Donations to Joe Martinez

Former County Commissioner Joe Martinez is a politician we track on Miami Corruption Tracker. He was removed from office in 2022 after being charged with two bribery-related felony counts.

Since 2018, Sergio Pino has donated $28,000 to Joe Martinez and his political committee, “Let’s Move Forward PAC,” using a variety of companies that he controls. All of them are registered to Mr. Pino’s business address at 1805 Ponce De Leon Blvd in Coral Gables.

💰 Sergio Pino-related Donations to Raquel Regalado:

Current Miami-Dade County Commissioner Raquel Regalado is another politician we track on the Miami Corruption Tracker. She is part of one of Miami’s longest-running political dynasties, as she is the daughter of former City of Miami Mayor Tomas Regalado, who is running for the countywide office of Property Appraiser this year at the age of 76.

Over the last four years Sergio Pino has donated $13,000 to Raquel Regalado and her political committee “Citizens for Excellence in Miami-Dade County Government PC,” using a variety of companies that he controls, all registered to his address at 1805 Ponce De Leon Blvd in Coral Gables.

You can find this data by navigation to our open-source data for Raquel Regalado’s political donations here. Enter the name of the donor you are looking for using the “Search Donor Name” tool to find donations to Raquel Regalado and her political committees.

💰 Sergio Pino-related Donations to Carlos Gimenez

Another politician we track at Miami Corruption Tracker is Congressman Carlos Gimenez, the former Miami-Dade County Mayor, and brother-in-law of Miami-Dade School Board Chair Mari-Tere Rojas.

Since 2004, Mr. Pino has donated $16,000 to Carlos Gimenez’s campaigns and political committees through a variety of businesses he controls.

Philanthropy:

Sergio Pino has played a significant role in the community through both his business ventures and philanthropic efforts. Among his notable contributions is a $2 million endowment gift to Florida International University (FIU) to establish the Eugenio Pino and Family Global Entrepreneurship Center. The center, named in honor of his father, aims to foster entrepreneurship and support business development in the region, reflecting Pino's commitment to giving back to the community and promoting economic growth.

We hope you enjoyed a recap of Sergio Pino’s influence, business achievements, and controversies in Miami-Dade County. Our mission is to educate and assist Miami residents in researching and understanding the activities of their elected officials and donors.

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