The Real Deal Miami

SEC complaint targets developer of South Beach condo hotel

September 14, 2009 04:36PM

Chicago developer Robert Falor, who said he was converting the Tides hotel in South Beach into a condo and hotel, is the target of a Securities and Exchange Commission complaint. Falor allegedly sold about $9 million of securities to 55 investors. Falor promised investors returns from 50 to 120 percent, according to the SEC complaint, in exchange for investing their money in the Tides and Falor’s other condo and hotel projects outside of South Florida. But Falor allegedly used the money to buy expensive cars, lease airplanes, pay off debts and finance other real estate projects.