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Road contractor is in trouble again

This time, he is charged with bankruptcy fraud.

By CARRIE WEIMAR
Published October 27, 2006

TAMPA - The owner of a Tampa construction company who was convicted of bribery while building the Suncoast Parkway is in trouble again.

Michael Cone, 50, the owner of Cone Construction Inc., was charged with conspiracy and bankruptcy fraud, among other charges, for trying to hide assets during bankruptcy proceedings, authorities said.

If convicted, Cone could get up to 30 years in prison and a $1-million fine.

His wife, Joanne Cone, 50, and an employee, Patricia Rankin Grable, 52, also were charged in the indictment, which was unsealed Thursday.

Stephen Crawford, an attorney for the Cones, said the allegations are false. He said the Cones disclosed everything during the proceedings and are frustrated by the government's accusations.

"We were shocked and dismayed that criminal charges were filed," Crawford said.

He called the situation a misunderstanding and said his clients are looking forward to explaining their side in court.

Cone Construction was once one of the state's 10 largest road builders. Michael Cone was a third-generation member of a Hillsborough family long involved in construction.

The current charges stem from his last brush with the law, when he was charged with exchanging money with a public official to manipulate the building of toll roads, including stretches of the Veterans Expressway and Suncoast Parkway in 1999.

Cone was accused of giving money to an engineer with the Florida Transportation Department to smooth over complaints from subcontractors, who said Cone wasn't paying.

Prosecutors said Cone routinely and intentionally left his signature off checks to subcontractors, even though he received state payment for the work completed. Contractors filed so many complaints against Cone, the Florida Department of Law Enforcement launched an investigation.

Cone pleaded no contest to charges of bribery and money laundering to avoid a trial and a possible 20-year prison sentence. As part of his agreement, he was banned from seeking or accepting more work from the Transportation Department for four years.

According to the U.S. Attorney's Office, Cone and the other defendants allegedly began concealing more than $1-million in property after Cone Construction filed for Chapter 11 bankruptcy in July 2000.

They accomplished this by transferring the property to other companies controlled by Cone or the other defendants, according to the indictment.

The case is being investigated by the FBI and will be prosecuted by Assistant U.S. Attorney Robert T. Monk.

Carrie Weimar can be reached at 813 226-3416 or cweimar@sptimes.com.

[Last modified October 27, 2006, 00:38:31]