Fort Lauderdale resident sentenced to over 12 years in prison for leading international property fraud scheme

Dale Wood was also ordered to pay back $7.1M in restitution for his role in the scheme

Miami /
May.May 01, 2019 11:30 AM
A Fort Lauderdale resident pleaded guilty to conspiracy to commit wire fraud (Credit: iStock)

A Fort Lauderdale resident pleaded guilty to conspiracy to commit wire fraud (Credit: iStock)

A Fort Lauderdale resident was sentenced to over 12 years in prison for leading an international property fraud scheme, where he illegally sold homes that he was supposed to manage and market.

Dale Scott Wood pleaded guilty to conspiracy to commit wire fraud. He also was ordered to pay $7.1 million in restitution, according to the U.S. Attorney’s Office.

A group of German investors hired Wood after the financial crisis in 2007 to oversee foreclosed commercial properties by managing, maintaining and marketing the properties the group had under its control. Wood was also in charge of overseeing the foreclosure process from his Fort Lauderdale office. In total, 1,872 German nationals invested $56.5 million in the fund, according Wood’s plea agreement.

Between November 2009 to November 2013, Wood hired a bookkeeper named Theodore Gunter Gies. Working together, Wood and Gies sold those properties to other parties without authorization from the German investors. Some of the proceeds went into accounts controlled Gies, which he either used for his own purposes or sent back to Wood, according to the guilty plea.

Wood and Gies then submitted fake financial and status reports via email indicating that the properties were still held by the partnership. The losses totaled $7.1 million, according to the U.S. Attorney’s Office.

Gies previously pleaded guilty for his role in the conspiracy and was sentenced to 51 months in prison.


Related Articles

arrow_forward_ios
Premium Digital Control & Automation's Marc Farbstein and Fortress Anchors' Dylan Hallerberg with 52 Royal Palm Drive (LinkedIn, Google Maps)
Smart home honcho buys waterfront Fort Lauderdale home
Smart home honcho buys waterfront Fort Lauderdale home
Dev Motwani and Nitin Motwani with a rendering of 530 North Birch Road (Adache Group Architects)
Motwanis win approval to expand planned Fort Lauderdale condo project
Motwanis win approval to expand planned Fort Lauderdale condo project
Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
South Florida office sales falter, despite strong leasing
South Florida office sales falter, despite strong leasing
Jose Luis Zapata with 505 North Fort Lauderdale Beach Boulevard (Orchestra Hotels, Google Maps)
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
Sharon Gustafson, Laurent Ouazana and 3916 Country Club Lane (Facebook/Sharon Gustafson, Twitter/@hellolab, Susan Rindley with One Sotheby’s International Realty, Getty)
French insurance CEO buys Fort Lauderdale estate
French insurance CEO buys Fort Lauderdale estate
Renderings of the residential tower in downtown Fort Lauderdale (ODA Architecture)
Brooklyn firm looks to build 47-story Fort Lauderdale tower
Brooklyn firm looks to build 47-story Fort Lauderdale tower
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
arrow_forward_ios

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

Loading...