Ponzi Scheme in Florida? A Meyer Wilson Investment Fraud Lawyer Takes a Look
A Fort Lauderdale real estate broker has been accused of running a
Ponzi scheme by at least one family of investors. According to papers filed in a Florida
court, Mr. George Elia told investors that he could get returns of 20%
a year. The California family that is suing him alleges that they requested
to withdraw money in 2011 and were given excuses by Mr. Elia as to why
they couldn’t access their money.
Court records indicate that an accountant found that Mr. Elia transferred significant amounts of money from his business accounts to a company controlled by his wife and a realty company controlled by the couple. The accountant also informed the court of significant withdrawals to pay car dealerships, to make mortgage payments, and for other personal services.
Mr. Elia has not commented on the allegations against him.