A pair of Miami developers have been charged with running a $135 million Ponzi scheme that targeted elderly investors from the Cuban-American community, the Securities and Exchange Commission said today. The developers, Gaston Cantens and his wife, Teresita, are the founders and co-owners of Royal West Properties, which promised its real estate investors annual returns of between 9 and 16 percent. The SEC alleges that the Cantens used money from new investors to pay off previous ones after property owners defaulted on their mortgages, as well as to fund their lavish lifestyles and those of their children and grandchildren. “The Cantens used their prominent standing in a close-knit Cuban-American community to ruthlessly exploit vulnerable elderly investors who trusted them with their life savings,” said Eric Bustillo, director of the SEC’s Miami Regional Office. “They portrayed themselves as a pious couple closely involved with educational and religious organizations, while in reality they were living lavishly off money from defrauded investors,” he said. [Miami Herald]
Miami developer couple charged with $135M Ponzi scheme
Miami /
Mar.March 03, 2010
05:20 PM
Related Articles
arrow_forward_ios

Latin American investors allegedly lost $250M in Miami real estate Ponzi scheme: lawsuit

Airbnb fights against Palm Beach County’s requirement, what’s next for Barneys: Daily digest

Passenger-train operator files to go public under its new name, Virgin Trains USA

Former offices of South Florida’s biggest Ponzi schemer now available to lease

National Cheat Sheet: San Francisco’s luxury homes are selling faster than those in any other US market … & more

Rapid Realty hit with racketeering lawsuit from franchisee lender

Bar Works founder Renwick Haddow agrees to extradition: SEC
arrow_forward_ios