Florentino Antonio Diaz, the former interim executive director of the Wynwood Business Improvement District, was arrested Tuesday on accusations that he quietly siphoned about $192,553 from the neighborhood group’s bank accounts. Prosecutors say the money came straight out of assessments paid by local property owners and ended up in Diaz’s personal accounts. Court records show Diaz stepped into the interim director role in September 2024 and resigned last May.
Prosecutors’ Account
According to an arrest warrant cited by The Real Deal, Diaz is accused of moving money from the Wynwood BID’s TD Bank account into his Citibank account, then trying to cover his tracks by superimposing vendor names over his own on monthly statements. Investigators say the alleged scheme surfaced after a missing interest payment of $46,336 raised red flags and led to subpoenas for the BID’s bank records.
Those records, prosecutors allege, showed 26 wire transfers they flagged as suspicious, totaling $146,216, and an overall diversion of $192,553. The warrant also claims Diaz forged the signature of a BID vice chair so that a TD Bank interest check could be routed into his personal account instead of the BID’s.
What the BID Is and Who It Represents
Per the City of Miami, the Wynwood Business Improvement District is a special assessment district re-established in 2023 that represents more than 400 property owners across roughly 50 city blocks. The BID collects assessments to fund public realm upgrades and neighborhood services, from beautification efforts to day-to-day operations.
City records show the district’s renewal was approved by a Miami City Commission resolution, which set out a fresh assessment roll and a governance schedule for how the BID would operate moving forward.
Charges and Next Steps
Diaz was booked on 26 counts of third degree grand theft, one count of second degree grand theft, one count of forgery and one count of scheme to defraud, with bond set at $46,000, according to The Real Deal. Investigators reportedly subpoenaed bank records dating back to 2023 as they tried to follow the money and reconstruct the transfers tied to the BID accounts.
The BID first flagged the missing $46,336 interest payment last spring, which set the investigation in motion, according to the warrant. Diaz could not be reached for comment at the time of that reporting. Any formal legal filings, hearing dates or further developments will appear in Miami-Dade public court records as the case moves through the system.
Legal Implications
The charges filed against Diaz are felony counts. Under Florida’s theft statute, grand theft is broken out by value and circumstances, and the sentencing framework links potential penalties to the degree of the felony. Under the state’s analysis, a third degree felony may carry up to five years in prison and a $5,000 fine, while a second degree felony may carry up to 15 years and up to a $10,000 fine. The state statute and related legislative analysis lay out the specific value thresholds, offense levels and sentencing guidance.
Why the Case Matters Locally
In Wynwood, BID money is a key piece of how the neighborhood looks and functions. Years of rezoning and development have raised the stakes on how those dollars get spent, expanding projects that range from streetscape work to safety-related programs.
As Axios Miami has reported, the BID played a central role in the zoning and planning push that helped turn Wynwood into a denser, mixed use district over the past decade. Against that backdrop, any allegation that internal players diverted funds hits particularly hard for property owners and small businesses whose assessments bankroll the BID.
As prosecutors and the Miami-Dade State Attorney’s Office press ahead, the BID’s board and local owners are likely to put a spotlight on bookkeeping, financial controls and what recovery of any allegedly diverted funds might look like going forward.
