Florida Developers Cop Plea To Grand Theft Charges; Accused Of Pocketing $475K Of Customer Cash, Failing To Deliver

In Vero Beach, Florida, TC Palm reports:

• Two developers of an unfinished subdivision north of Vero Beach pleaded no contest to criminal charges of first-degree grand theft of $475,000 in deposits from customers at the Indian River Courthouse on Wednesday.

• Developer Richard Rendina of Palm Beach Gardens agreed to pay $80,000 in restitution in addition to serving five years probation. [...] Stephen Siegel of Boca Raton agreed to pay $388,936 in restitution — to be paid out of his cash bond of $500,000 — in addition to five years probation.

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• Construction of Eagle Trace Phase II was stopped last year, leaving empty lots and unfinished concrete block walls. Prosecutors allege they improperly took deposits from 11 customers who paid on homes, according to court files.

For more, see Eagle Trace developers plead no contest to grand theft charges, agree to pay restitution.

For more on homeowners left in the lurch due to actions by builders/contractors, go here, go here, go here, go here, and go here. StiffingContractorsTheta