Former New York City mayor's advisor posts $4.7 million Florida home for $2 million bond

Frank Carone, 56, posted his $4.7 million Boca Raton beach house to meet a $2 million bond after his arrest Wednesday on federal charges. He was released under conditions limiting his travel to New York and Florida. Carone served as chief of staff to former Mayor Eric Adams in 2022.

Prosecutors allege he accepted roughly $120,000 in bribes from Queens hotelier Yan Po “Andy” Zhu in exchange for helping secure a $6.825 million city contract to operate a migrant shelter at Zhu’s Long Island City Microtel Inn.

Alleged payments and contract Court papers state the Microtel had previously been rejected for the shelter contract because of its size and location. After Zhu hosted the Carone brothers at his Nassau County residence, the contract was awarded, prosecutors said.

The indictment alleges Carone then received $10,000 monthly payments routed through his brother Anthony Carone’s law firm under sham retainer agreements. Prosecutors claim the money covered Carone’s credit-card expenses for dining, travel, and other personal costs.

The alleged payments ended in September 2023.

Attempts to conceal evidence After a grand-jury investigation began in spring 2024, the Carone brothers allegedly drafted a backdated promissory note to portray the transfers as loans. In 2025, when investigators sought Zhu’s and Chen’s phones, Zhu allegedly covered his face and waved his hands to block facial recognition, while Chen initially claimed she forgot her passcode before unlocking the device.

All four defendants—Frank Carone, Anthony Carone, Zhu, and Chen—face charges including conspiracy, money laundering, federal-program bribery, honest-services wire fraud, obstruction of justice, and filing false tax returns. Each charge carries a potential sentence of up to 20 years.