The Real Deal Miami

Real estate investors claim fraud

June 22, 2009 04:05PM

The May 27 bankruptcy of Royal West Properties has left scores of investors fearing they’ve lost millions of dollars to Gastón Cantens Sr., who managed the company. Unofficial tallies of what’s been called Miami’s small-scale Bernard Madoff scam estimate possible losses at $40 million and potential victims at about 200. Kendall Coffey, Cantens’ attorney in Miami, said his client is very distressed about the situation. He said it isn’t fraud, but a real estate market hit by a major crisis.