And yet another developer screws "the little guy"
After taking Millions of dollars in deposits for development of a 320 unit condo project, the developers and the financeers have pulled a Magic act and made $5.1 Million dollars disappear, leaving the buyers potentially,with nothing. The developers claim that the financeer skipped town with 5.1 million in escrowed funds and is now living in Switzerland.
One of the screwees stated ""You're supposed to be smart businessmen, yet you take millions of dollars out of escrow and just give it to some guy named Duwayne?"
The full????? story can be found at the link below.
http://www.myrtlebeachonline.com/news/local/story/217908.html
This tragedy brings to mind a question.
Is this happening anywhere else?
This is a regional story; however, the implications are that the Condo Market being what it is, in a slump, is ripe for fraud.
This story won't make the National news, just as I'm sure that incidents of a similar vein in your area won't either. These small, local incidents only grab the attention of local media. How many people put deposits on projects just to see their hard earned money vanish before their eyes?
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