Fort Lauderdale-based self-storage developer arrested for investment fraud

Wheat Capital Management is building three storage facilities in Margate, Pembroke Park and Miami.

Miami /
Sep.September 26, 2017 04:20 PM

UPDATED Sept. 27, 1 p.m.: Self-storage developer Daniel Joseph Touizer was arrested and is facing federal prison charges for allegedly scamming millions of investors across the country, the Sun Sentinel reported.

In the last 12 years Touizer allegedly schemed 150 people out of $19 million after convincing them to invest in gems, insurance products and self-storage units. About $7 million in investments was withdrawn from his account, between 2010 and Touizer’s arrest last Wednesday, according to the Assistant U.S. Attorney Roger Cruz.

Touizer told investors he didn’t personally take a salary and that investors’ money would be used for sales and marketing, according to the government affidavit, the Sun Sentinel reported. The affidavit also said he would allegedly promise investors a guaranteed return, and that his companies had regulatory approval.

U.S. Magistrate Judge Barry Seltzer in U.S. District Court in Fort Lauderdale called him a “significant economic danger to the community” and ordered him held without bail, according to the Sun Sentinel.

His lawyers denied that he has hidden assets.

Touizer’s Fort Lauderdale-based Wheat Capital Management is building several storage facilities in South Florida. Wheat Capital recently broke ground on construction of a self-storage building in Margate, and has two other South Florida self-storage projects underway in Pembroke Park and Miami. The projects are due to be completed in 2018.

If convicted, Touizer faces 14 years to about 18 years in federal prison. Arraignment is set for the end of October, according to the Sun Sentinel.

His company Wheat Capital specializes in the acquisition and development of self-storage buildings on urban infill sites, often in partnership with self-storage real estate investment trust CubeSmart.  [Sun Sentinel] Amanda Rabines


Related Articles

arrow_forward_ios
Rendering of the project and the location for the development (Google Maps, Native Realty)
Former Fort Lauderdale church site to be reborn with offices, retail
Former Fort Lauderdale church site to be reborn with offices, retail
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Yacht Haven Park & Marina in Fort Lauderdale sells for $58M
Yacht Haven Park & Marina in Fort Lauderdale sells for $58M
Yacht Haven Park & Marina in Fort Lauderdale sells for $58M
Alan Jay Wildstein and the waterfront house (Alan Jay Automotive Network, Elmes Group Waterfront Estates)
Car dealership mogul sells waterfront Fort Lauderdale home for $8M
Car dealership mogul sells waterfront Fort Lauderdale home for $8M
Guillermo Lasso and the Asia Brickell Key condo in Miami
Ecuadorian president’s alleged Florida real estate ties raise questions
Ecuadorian president’s alleged Florida real estate ties raise questions
Florida Panther Keith Yandle and his Fort Lauderdale house (Getty, Compass)
Score: Professional hockey player Keith Yandle sells waterfront home in Fort Lauderdale for $6M
Score: Professional hockey player Keith Yandle sells waterfront home in Fort Lauderdale for $6M
Joseph Menaged with the Faena House (Douglas Elliman, Menaged via Facebook)
Father of “Property Wars” star sells Faena House condo involved in bank fraud scheme
Father of “Property Wars” star sells Faena House condo involved in bank fraud scheme
Michael Wekerle and the Fort Lauderdale property (Getty, Compass via Douglas Elliman)
TV personality Michael Wekerle sells Fort Lauderdale mansion for $17M
TV personality Michael Wekerle sells Fort Lauderdale mansion for $17M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...