Add Federal Fraud Indictment To Several Dozen Civil Suits Facing One SW Florida Real Estate Entrepreneur

In Southwest Florida, the Naples Daily News reports:

• [Fort Myers real estate entrepreneur Samir] Cabrera was in the spotlight last week following a federal indictment on charges related to a land flipping scheme. Those are charges to which Cabrera’s attorney has indicated his client will plead not guilty.

• Long before Cabrera was caught up in a nationwide crackdown on criminal real estate and mortgage dealings [Operation Malicious Mortgage], though, he was facing fraud allegations related to a separate set of deals. Several dozen lawsuits challenging Cabrera’s business practices — including a federal class action suit — are pending.

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• The clusters of deals and losses that these disgruntled investors describe in their lawsuits are more extensive than the alleged scheme that led to Cabrera’s federal indictment last week on four counts of wire fraud. That indictment only focused on Cabrera’s role in deals involving two pieces of vacant land in south Fort Myers, while the lawsuits in both Lee County and federal court describe as much as $5 million in fraudulent dealings on up to 100 properties in Cape Coral and Lehigh Acres.

For more, see Federal charges just the beginning for Fort Myers real estate entrepreneur (Samir Cabrera is facing many lawsuits in addition to mortgage fraud accusations).

Go here for other posts on Samir Cabrera.