1 month ago
Americans retiring abroad, beware: The FTC says you’re a prime target for real estate development scams that promise a luxurious resort with a downpayment on land — but it never materializes.
This is according to the Wall Street Journal, which reports that developers sold lots in remote jungle areas in Belize. Buyers believed that a luxury resort would be built, but it never was — and now, the FTC has filed a lawsuit against the developers and Belize’s Atlantic International Bank, alleging fraud and freezing $10 million of the bank’s assets.
“The bank did not play any part in any alleged fraud involving Sanctuary Belize,” AIB Chief Executive Ricardo Pelayo reportedly said in a statement.
But the project reportedly spanned more than a decade and involved 1,000+ investors, the WSJ reports. One of those investors includes Trisha Nelson, a 47-year-old Canadian who told the WSJ that she and her then-husband paid $500,000 in cash for two townhouses that were meant to be built in 2014.
The building never happened. And the money? Never returned.Read the full story at the Wall Street Journal