Hialeah mayor’s testimony highlights own involvement in lending schemes

 

The testimony of Hialeah Mayor Carlos Hernandez in federal court has opened a window into the city’s years-long shadow banking industry.

By Patricia Mazzei and Jay Weaver

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(Florida) A big-city mayor took the stand in Miami federal court last week and admitted he charged exorbitant, illegal interest rates to a Hialeah businessman — Florida law calls it “loan-sharking” — which he failed to report as income on his tax returns.

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