A Las Vegas resident was taken into custody after a multi‑year extortion scheme aimed at Palm Beach billionaire Steve Wynn, the founder of Wynn Resorts.
What happened
Town of Palm Beach police disclosed that beginning in 2023, Michael Loizias (also identified in early reports as Michael Luis Paez) sent a series of threatening emails to Wynn. In each message he demanded that Wynn deposit $1 million into his bank account, claiming the money was owed for “unpaid taxes” tied to the sale of Wynn stock.
In 2024, the threats escalated when packages containing further demands were mailed to Wynn’s residence. Detectives traced the communications back to Loizias and subsequently arrested him.
Why it matters
The case highlights how high‑profile individuals can become targets of sophisticated scams that blend false tax claims with intimidation tactics. Law‑enforcement’s ability to follow digital footprints from email to physical packages demonstrates the evolving tools used to counter such threats.
What may happen next
Authorities may continue to investigate whether Loizias acted alone or as part of a broader network targeting wealthy figures. Prosecutors could pursue charges ranging from extortion to fraud, potentially resulting in a lengthy prison term if convicted. The incident may also prompt other high‑net‑worth individuals to review their security protocols for electronic and physical communications.
Frequently Asked Questions
Who was the target of the extortion scheme?
The target was Steve Wynn, a Palm Beach billionaire and founder of Wynn Resorts.
What did the suspect demand from Wynn?
Loizias demanded that Wynn deposit $1 million into his bank account, alleging it covered unpaid taxes related to Wynn stock sales.
How was the suspect apprehended?
Detectives traced the threatening emails and mailed packages back to Loizias, leading to his arrest by Town of Palm Beach police.
What are your thoughts on the challenges of protecting high‑profile individuals from similar schemes?
