Everyone should know that when it comes to investing, there are no sure things. But if you decide to put money into a new venture, you have every reason to expect that your investment will be used to help build the business. Unfortunately, sometimes people buy into a project only to discover later that they have been victims of fraud.
A Central Florida philanthropist has filed a lawsuit accusing a real estate developer of theft, conspiracy and fraud. The philanthropist claims that the real estate developer convinced him to invest heavily in a paddleboard company. However, the money put up by the philanthropist never arrived in the company's coffers, and now the company's factory is shuttered.
The philanthropist, who is said to have invested a million dollars, is not the only one who was allegedly victimized by the real estate agent. There were other investors, including one who claims to have put $11 million into the company. Moreover, the landlord of the company's plant as well as vendors and former company employees were also reportedly left unpaid.
Several parties have alleged that the real estate developer took the investment money and spent it on resort vacations, airplanes, expensive cars and other high dollar items.
Investing in a business is an act of faith. And our system of commerce demands that people act honestly and responsibly when entrusted by others to put money to good use. And those who do otherwise should be held accountable for their actions. If you believe you have been defrauded in an investment scam, a Florida intentional torts attorney may be able to act on your behalf to help you recoup your losses.
Source: The Orlando Sentinel, "Central Floridians allege losing millions in fraud scheme," Mary Shanklin, March 3, 2016