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Highland Beach developer charged with stealing $100K from investor

September 03, 2010 03:00PM

A Wellington investor was duped out of $100,000 by a Highland Beach developer who claimed to be using the money to pay for permits at a failed condominium project in Boynton Beach, Palm Beach County Sheriff’s detectives said. The man, Sid Von Rospeunt, allegedly borrowed the funds from Lisa Hubbard in July 2007 with the intention of using them for his Harbor Cay LLC development, but shortly thereafter was denied a $6 million loan from IndyMac, stopping the project in its tracks. But instead of returning the money to Hubbard, Rospeunt is said to have spent it on himself and on other business ventures without her permission. He was arrested Tuesday on a charge of grand theft and was released after posting a $15,000 bond. [Palm Beach Post]