A Florida lawyer spent part of a $1.6 million fraud on a jet, house and a Trump golf club

Miami Herald (FL)

A Palm Beach Gardens lawyer gave up his freedom to practice law a few months after the judicial system took away his freedom of movement for taking $1.6 million from the government.

Derek Acree, 48, used his part of that money for jewelry, private school tuition, the down payment on a Palm Beach County home, a private jet service and some undefined activity at a Trump National Golf Club.

Acree acquired that money by lying on applications for Paycheck Protection Program loans during the COVID-19 pandemic for three companies. Acree admitted this in his guilty plea to one count of conspiracy to commit wire fraud. He’s scheduled to be a Pensacola federal prison resident until Jan. 9, 2025. He’s also been ordered to pay $1,262,600 in restitution.

Whenever Acree gets out, he might to have to find a new place to live. Because the down payment on 13058 Flamingo Ter. was part of the $869,682 Acree used for personal expenses, the 5,190-foot, 5-bedroom, 4 1/2 bathroom house might be included in the forfeiture judgment.

Acree will have to find a new way to pay the mortgage or rent. The monthly Florida Bar list of disciplined attorneys, released Wednesday, shows that the state Supreme Court granted Acree’s request for disciplinary revocation on April 27.

That means in return for the Florida Bar discipline case over his criminal actions going away, Acree agrees to essential disbarment. He can apply for readmission in five years — or, just over three years after his scheduled release from prison.

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National Financial Holdings and the pandemic

As described in his guilty plea, on applications for Paycheck Protection Program loans, Acree lied about the number of employees, payroll expenses and gross revenues of National Financial Holdings, NFH Florida and National Financial Holdings Technology for the year before the COVID-19 pandemic hit.

Acree and a cohort pulled in $1.6 million. His guilty plea says he spent his part on credit card payments; American Express charge card payments; Audi maintenance; Trump National Golf Club ($11,000); the aforementioned home down payment ($46,000); XO Global’s private jet service ($54,795); and jewelry at Salles Jewelers ($67,000).