305-579-0000

Federal indictment outlines couple?s alleged bank fraud

Things are changing so rapidly in our ever advancing society that at times it may feel like we have collectively left all semblance of our heritage securely in the past. But then an incident occurs that reminds us that in spite of all the cosmetic changes in our Miami landscape, there is truly very little that is new under the Florida sun.

For example, it seems that for as long as there has been commerce, there have been those who have attempted to extract money from others by employing fraud or other unscrupulous business practices. And certainly, the real estate business can attract its share of shady players.

The U.S. Attorney's Office for Florida's Southern District recently issued a statement regarding a scheme that grew to a value of $300 million. The alleged fraud involved the selling of condos. About 1,400 investors purchased the properties on the strength of promises that the condos would be part of a larger development project. The supposed project would have incorporated the units into an attraction that was purported to be on a par with Disney World.

A federal indictment was issued to a couple who worked in association with Cay Club, the entity that apparently made the promises about the development. The condos in question border Tampa Bay and investors sank as much as $700,000 toward their purchase. Ultimately the condos could not be sold for as much as $200,000.

The couple now faces charges of conspiracy to commit bank fraud as well as bank fraud. They are also alleged to have previously participated in fraudulent activity. The U.S. Attorney's Office stated that they had been expelled from both Honduras and Panama in June of this year.

As written earlier, this kind of chicanery is not a new phenomena. Anyone could end up suffering a severe economic loss due to becoming involved in a well executed scheme. And should it happen to you, then you may find cause to consider some form of response.

A Florida business torts attorney may be able to help in the pursuit of monetary recovery.

Source: Tampa Bay Times, "Clearwater condo fraud case leads to federal indictments," Curtis Krueger, Sep. 17, 2014

No Comments

Leave a comment
Comment Information