Securities / Mortgage Fraud Suit Filed Against Florida Builder, Bank, Broker
Allegedly, "[t]he prospectus sent to [the couple] by D’Alessandro & Woodyard included language that adds up to securities fraud. For example, it states: “Investors will receive a gross return of 14 percent of the sales price of the home. The 14 percent is contractually agreed upon by the tenant before occupancy.”"
According to the couple's attorney, Gary Poliakoff of Fort Lauderdale-based Becker & Poliakoff, he has been contacted by more than 20 people in similar circumstances and may convert the case into a class action lawsuit to represent others who entered into the same type of investment deals as his client.
Real estate broker Frank D’Alessandro, who writes a real estate column for The News-Press, said he was uanware of any indication of wrongdoing by any of the real estate brokerage employees.
For more, see Dispute in housing deal could lead to class-action lawsuit (Broward couple claim fraud in loans for three First Home properties in Lee).
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