Miami Businessman Allegedly Ripped off Famous Friends

Claudio Osorio was arrested accused of a $40 million fraud scam.
2:27 | 12/10/12

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Transcript for Miami Businessman Allegedly Ripped off Famous Friends
We turn to dramatic fall from grace for a hard-charging high-flying miami businessman. Arrested on friday for ripping off friend who is invested in his company. Reporter: They included star basketball players. A former presidential accounted. A former florida governor of his board of directors. The fcc said he took $40 million of their money, all on a scheme built on lies. He styled himself a self-made entrepreneur. of the miami business community. This morning, federal authorities say he's nothing more than a con man. Entrepreneur of the year is claudio osorio. Reporter: Seen here on video, he reportedly rubbed shoulderers at the white house and sought investments from dwight howard, alonzo mourning, and carlos boozer. Jeb bush was a board member. Individuals looking for up vest -- investors will get celebrities involved to get an air of credibility. Reporter: The company backed lightweight modular wall panels like these. The government says osorio pocketed half of the $40 million he raised to fund his mansion and to buy maserati. He had the makeup of an incredible -- Reporter: Chris cords invested $4 million. Once he got everything he could get from me, I started to notice that the interaction i had with him started to slow down. Reporter: But after korge and others became suspicious, they filed lawsuit, forcing him into banks rupt si. On friday, osorio and his partner were arrested, charged with 23 of fraud and money laundering. His attorneys did not respond to us. The company's attorneys said he was an honorable employee of the company and shouldn't be charged with any crime. George?

This transcript has been automatically generated and may not be 100% accurate.

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