Flatotel Dad & Son Team Busted by IRS

Their concept of high-end residential hotels was a good one, but the IRS isn't impressed.

Mauricio Cohen Assor and his son, Leon Cohen Levy, who developed and owned several residential hotels under the trade name Flatotel, are charged by the U.S. Justice Department with illegally hiding about $45 million in offshore accounts and using corporate money to support their lavish lifestyle. They were arrested in New York on Thursday and denied bail. The judge ordered that they be detained and sent to Miami.