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

TRD 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
Founder and CEO of IT'SUGAR Jeff Rubin, and BBX CEO Alan Levan (Credit: Denise Truscello/Getty Images)

It’Sugar files for bankruptcy protection after sales sour

It’Sugar files for bankruptcy protection after sales sour
Peter Vauthy and Red South Beach (Getty)

The Weekly Dish: Red South Beach signs $5M lease for new space & more

The Weekly Dish: Red South Beach signs $5M lease for new space & more
2701 Jockey Circle in Davie, FL (Google Maps, iStock)

Leaked bank documents show South Florida real estate’s alleged ties to money laundering

Leaked bank documents show South Florida real estate’s alleged ties to money laundering
827 South SR 7, Fort Lauderdale & 1200 South Congress Ave, West Palm Beach (Credit: Google Maps)

Off Lease Only sells two South Florida locations for $50M

Off Lease Only sells two South Florida locations for $50M
Grant Cardone and 3300 Port Royale Drive North, Fort Lauderdale (Credit: Google Maps)

Grant Cardone nabs waterfront Fort Lauderdale apartment complex

Grant Cardone nabs waterfront Fort Lauderdale apartment complex
Kenneth Stiles and a rendering of Novo Las Olas

Preleasing begins at Novo Las Olas in downtown Fort Lauderdale

Preleasing begins at Novo Las Olas in downtown Fort Lauderdale
2325 Desota Drive in Fort Lauderdale and Bryan T. Rich (Realtor, Linkedin)

Software CEO buys waterfront Fort Lauderdale home for $6M

Software CEO buys waterfront Fort Lauderdale home for $6M
450 Northeast Fifth Street (Credit: Google Maps)

Jenco Properties pays $68M for Flagler Village apartments

Jenco Properties pays $68M for Flagler Village apartments
arrow_forward_ios

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

Loading...