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
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.