SHELLY
02-05-2008, 11:59 PM
Four Corners Developer Faces Fraud Charge
By KUMARI KELLY
Orlando Sentinel
FOUR CORNERS | The co-owner of a Casselberry development company that planned communities in Polk and Lake counties has been charged with one count of organized fraud and 32 felony counts of communication fraud in connection with missing deposit money.
David N. Weiker Sr., 56, could face 190 years in prison, the Orlando Sentinel is reporting today. His partner in Platinum Properties Inc., Lawrence Maloney, of Orlando, was arrested on one felony count of communications fraud. Both were arrested Friday and both have posted bail and were released from jail, the Sentinel said.
A total of 580 people from Belgium, England, Norway, Scotland, Massachusetts and Florida have lost a total of $24 million in deposits in three housing developments in Polk and Lake counties. The charges against Weiker and Maloney involve missing deposits from 15 of the buyers.
Some of the missing money was used to finance the two mens personal lives and that of their grown children, and some was dumped into a shell company, according to Florida Department of Law Enforcement documents filed in Lake County.
Detectives say Weiker used the money to buy a spa for his home, pay rent for his children and buy prescriptions and medical treatments.
Weiker denied any wrongdoing Monday night. Maloney did not return calls to the Sentinel seeking comment.
FDLE officials say they haven't found the missing money.
Weiker started Platinum Properties in 2004 with two partners, promising to build the 272-home Winslow Estates in northeast Polk County, the 396-home Millbrook Manor and Citrus Highlands Phase II in south Lake County on U.S. 27, an area frequented by tourists and favored by British homebuyers.
No homes were ever built.
The company took deposits of $30,000 or more from 578 buyers.
The company has blamed Polk County water restrictions and permitting issues for construction delays in Chapter 11 bankruptcy filings in U.S. Bankruptcy Court in Orlando in October.
Requiring payments for houses before they are built is referred to as buying off plan in the industry. Florida law allows developers who disclose the practice in a contract to use deposit money to complete their projects, experts say. Some states do not allow it.
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By KUMARI KELLY
Orlando Sentinel
FOUR CORNERS | The co-owner of a Casselberry development company that planned communities in Polk and Lake counties has been charged with one count of organized fraud and 32 felony counts of communication fraud in connection with missing deposit money.
David N. Weiker Sr., 56, could face 190 years in prison, the Orlando Sentinel is reporting today. His partner in Platinum Properties Inc., Lawrence Maloney, of Orlando, was arrested on one felony count of communications fraud. Both were arrested Friday and both have posted bail and were released from jail, the Sentinel said.
A total of 580 people from Belgium, England, Norway, Scotland, Massachusetts and Florida have lost a total of $24 million in deposits in three housing developments in Polk and Lake counties. The charges against Weiker and Maloney involve missing deposits from 15 of the buyers.
Some of the missing money was used to finance the two mens personal lives and that of their grown children, and some was dumped into a shell company, according to Florida Department of Law Enforcement documents filed in Lake County.
Detectives say Weiker used the money to buy a spa for his home, pay rent for his children and buy prescriptions and medical treatments.
Weiker denied any wrongdoing Monday night. Maloney did not return calls to the Sentinel seeking comment.
FDLE officials say they haven't found the missing money.
Weiker started Platinum Properties in 2004 with two partners, promising to build the 272-home Winslow Estates in northeast Polk County, the 396-home Millbrook Manor and Citrus Highlands Phase II in south Lake County on U.S. 27, an area frequented by tourists and favored by British homebuyers.
No homes were ever built.
The company took deposits of $30,000 or more from 578 buyers.
The company has blamed Polk County water restrictions and permitting issues for construction delays in Chapter 11 bankruptcy filings in U.S. Bankruptcy Court in Orlando in October.
Requiring payments for houses before they are built is referred to as buying off plan in the industry. Florida law allows developers who disclose the practice in a contract to use deposit money to complete their projects, experts say. Some states do not allow it.
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