Investors Beat Out Of $6M, Company Looted, Say SW Florida Suits

In Lee County, Florida, The News Press reports:

• Real estate agent Samir Cabrera sold a piece of land on Daniels Parkway to a group of investors minutes after he bought it himself in April 2006, cheating the investors out of $6 million and then looting what was left until the property was in foreclosure, two lawsuits allege.They paint a picture of self-dealing, a phony promissory note and fraudulent business practices at the height of the real estate boom in Lee County. But Cabrera’s lawyer says his client did nothing wrong and the deal went sour only because the real estate market turned bad. The case is coming to a head as the two sides spar over whether Cabrera and the companies he controls should be able to go forward with a deal to sell what’s left of the property.

For more, see Lawsuits allege fraud in land deal gone bad (Investors cheated of millions, they say) (if link expires, try here).

To view one of the lawsuits, see Mengle v. Cabrera GP, LLC.

Go here for earlier posts on Samir Cabrera.