SW Florida Real Estate Agent Battles Civil, Criminal Fraud Charges Involving Different Failed Real Estate Projects

In Lee County, Florida, The News Press reports:

• Daniels View was the crown jewel in rising real estate star Samir Cabrera’s ambitious group of investments in 2006, a chance for investors to get in on a hot land deal in Lee County. Two years later, investors are settling for pennies on the dollar and level allegations of fraud in a civil suit against Cabrera involving the 80-acre project along Daniels Parkway in south Fort Myers.

• The allegations in the civil suit bear striking similarities to those made last month in a federal indictment charging Cabrera with four counts of fraud involving two other properties along nearby Fiddlesticks Boulevard. Daniels View is also what’s driving Lee County commissioners to call for an investigation into whether County Manager Don Stilwell — Cabrera’s father-in-law and an investor — lied about his involvement in the project.

***

• According to court documents [in the criminal case], Cabrera bought two properties on Fiddlesticks Boulevard in south Fort Myers through one company, then sold the properties on the same day to another company he controlled. The indictment alleges Cabrera profited from the sales and didn't disclose to investors that he owned both companies. [...] Some investors in Daniels View tell a similar story, saying they did not know that property was flipped or that Cabrera controlled both companies.

For more, see Daniels View, crown jewel of properties, has yielded only tarnish.

See also:

1) Naples Daily News: More investments gone sour plague indicted real estate agent, which reports:

• While Fort Myers real estate agent Samir Cabrera was allegedly mismanaging two property investments along Fiddlesticks Boulevard in a way that would later lead to federal fraud charges, he also was attracting investors to launch a larger deal on the land next door. That deal was called Daniels View.

2) Naples Daily News: Stilwell had ties to third development by indicted son-in-law:

• [I]nitially, when asked last year about his financial stake in Daniels View — a project at the southwest corner of Daniels Parkway and Interstate 75 that lacked good road access — Stilwell said he had no involvement. [...] But after his son-in-law, Cabrera, was indicted in June on four counts of wire fraud involving two land deals along Fiddlesticks Boulevard, Stilwell provided more details.

3) Naples Daily News: Samir Cabrera case: Story of real estate ventures gone awry (The free-spending lifestyle of Samir Cabrera may have allowed his business partners to force a payout that ruined the chance for his real estate deals to succeed).

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.

***

• 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.

SW Florida Broker Guilty In Commercial Land Flipping Deal; Allegedly Clipped Investors For Almost $3M

In Fort Myers, Florida, WINK News reports:

• Guilty as charged -- that's the verdict a federal jury handed down in the case of Samir Cabrera. Jurors agreed that the Lee County land developer cheated his investors out of nearly $3 Million. He'd hoped to be a well-respected land developer. Instead, Samir Cabrera's failed projects will land him in prison. On Tuesday, the once-undecided federal jury wrapped up the week-long trial with a unanimous guilty verdict on all 11 counts against Cabrera.

For the stories, see:

• Samir Cabrera found guilty on all 11 charges,
• Cabrera found guilty on all counts,
• Cabrera: ''It's been a tough day".

For the indictment, see U.S v. Cabrera.

Go here for earlier posts on this story.

SW Florida Real Estate Broker Hit With Eight New Federal Fraud/Money Laundering Charges

In Lee County, Florida, WZVN-TV Channel 7 reports:

• New charges have been filed against commercial real estate broker Samir Cabrera. He was indicted by a grand jury Wednesday afternoon on eight new charges on top of four charges filed two months ago. The new charges include two counts of wire fraud, one of mail fraud and five counts of money laundering. [...] Federal prosecutors allege Cabrera recruited investors, acquired their money, bought land, and then sold the land, on the same day, to another company that he controlled. The investors say Cabrera never told them about his interest in the deal.

For more, see Broker facing additional federal charges.

For the newly filed superceding indictment, see U.S v. Cabrera.

In related stories, see:

1) Stilwell received checks in indictment of son-in-law (One commissioner expects county manager to be indicted also):

• Two of the money laundering charges now facing real estate agent Samir Cabrera involve payments to Lee County Manager Don Stilwell. In the spring of 2006, two checks — one for $76,731.24 and one for $50,000 — went to Stilwell, who is Cabrera’s father-in-law.

2) Daniels View investors not happy with settlement:

• A [civil court] settlement was made for investors in the controversial Daniels View Project - the Lee County land deal that spawned an investigation of County Manager Don Stilwell. The deal was organized by his son-in-law, real estate broker Samir Cabrera, who has been federally indicted and accused of misappropriating investors funds in other deals.

Go here for earlier posts, and any available updates, on this ongoing story.

SW Florida Real Estate Agent Faces Federal Indictment In Alleged Illegal Flipping Deals

In Fort Myers, Florida, The News Press reports:

• The indictment and arrest of former Fort Myers real estate agent Samir Cabrera is part of Operation Malicious Mortgage, a nationwide crackdown on mortgage fraud. [...] Cabrera was indicted on four counts of wire fraud as part of allegations of a multi-million dollar real estate scheme. [...] Cabrera was involved in a scheme to defraud investors in at least two land-flipping deals involving property [...] in south Fort Myers[, according to the indictment].

For more, see SW Florida real estate agent indicted.

See also, Indictment may slow suits against Cabrera.

For the indictment, see U.S. v. Cabrera.

Go here for other posts on Samir Cabrera.

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.

Southwest Florida Builder, Brokers Named Again In Another Lawsuit Alleging Real Estate Fraud

A Lehigh Acres, Florida couple alleges in a real estate fraud lawsuit that the value of eight properties they bought from First Home Builders was falsely inflated by three real estate appraisers in Lee County to support a construction loan, according to a report in The News-Press of Southwest Florida. The purchases were reportedly made in connection with a real estate investment program formerly operated by D'Alessandro & Woodyard Commercial Realtors.

Named in the suit are First Home Builders of Florida, First Mortgage Lenders of Florida LLC, real estate brokerage D'Alessandro & Woodyard, its broker Frank D'Alessandro and real estate agent Samir Cabrera, Gary Ouellette, Honora Kreitner, real estate appraisers Gary Neese, William Meador and Gulf Coast Appraisal and Associates, Primary Mortgage Funding Inc., Norlarco Credit Union, and First Home Title, Inc. D'Alessandro is a weekly real estate columnist for the The News-Press.

The allegations contained in the lawsuit include (1) fraud in the inducement, (2) civil conspiracy, (3) breach of contract, (4) negligent misrepresention, (5) recission, (6) misleading advertising, and (7) violation of the Florida Deceptive and Unfair Practices Act.

Representing the plaintiff is attorney Gary F. Ritter, with Thompson Law Firm, Bonita Springs, Florida.

First Home Builders, the real estate brokerage, and Cabrera are currently defendants in another lawsuit brought by a Broward County, Florida couple that also reportedly involved the investment program that was operated by D'Alessandro & Woodyard.

Buried in an April 28 article by The News-Press (which reports that Cabrera is a defendant in a $13+ million foreclosure action filed by an entity controlled by D'Alessandro), Cabrera and D’Alessandro are reportedly named as defendants in six lawsuits alleging securities fraud, mortgage fraud and breach of contract in connection with sales to investors of homes built by First Home Builders in Cape Coral and Lehigh Acres in 2005 and 2006 (see Suit filed against broker’s agent - Lenders seek foreclosure action).

For the copy of the Lehigh Acres couple's lawsuit, see Schmidt vs. D'Alessandro & Woodyard Commercial Realtors, First Home Builders, et al.

For the current article on the Lehigh Acres couple's lawsuit, see Lawsuit alleges appraisals inflated.

For the previous article on the Broward County couple's lawsuit, see First Home Builders dispute could lead to class-action lawsuit (Broward couple claim fraud in loans for three First Home properties in Lee).

For other posts on First Home Builders, see Securities / Mortgage Fraud Suit Filed Against Florida Builder, Bank, Broker.

For a prior post on the ongoing real estate flipping in Southwest Florida involving allegedly inflated appraisals, see Flipping Deals Running Rampant In Southwest Florida.

(this is an updated post - originally posted 5/3/07 - 1:55 pm)
.

Securities / Mortgage Fraud Suit Filed Against Florida Builder, Bank, Broker

A Broward County, Florida couple have filed a civil lawsuit against homebuilder First Home Builders, their real estate broker, D’Alessandro & Woodyard; their real estate agent, Samir Cabrera, and First Florida Bank, containing allegations of mortgage fraud, securities fraud and breach of contract in connection with an alleged investment scheme involving the construction of three homes in Lee County, Florida, according to a report in The News-Press.

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).
.