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Aventura Condo Manager for Atlantic II at the Point Gets Jail Term

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A $500,000 grand theft put condo manager Lourdes Rodriguez behind bars for 21 months.

The former Pembroke Pines resident, age 49, served as property manager for the Atlantic II at the Point Condominium Association in Aventura, FL. The South Florida condo development features 168 units on 2.5 acres, with panoramic views of the Atlantic Ocean and the Intracoastal.

Rodriguez opened credit card accounts in the association’s name and made personal charges, according to a recent press release issued by Miami-Dade State Attorney Katherine Fernandez Rundle. Credit card withdrawals for gambling and other expenses were then paid by Rodriquez using association funds.

In her role as condo property manager, Rodriguez also arranged unauthorized wage payments from the association’s payroll processing company.

Stolen funds amounted to almost $470,000 before the condo embezzlement scheme was halted. The Atlantic II was insured for theft, and most of the losses were covered.

Jail is not the end of Rodriquez’s woes. She also faces criminal orders of restitution to Continental Casualty Insurance Company in the amount of $250,000.00; $150,000.00 to The Travelers Insurance Company, and $66,309.75 to Atlantic II at the Point Condominium Association, Inc.

The moral here is that crime does not pay, including white collar crime involving a condominium association. South Florida condo and HOA board members are reminded to be alert to potential theft of funds by even trusted association employees.

Fort Lauderdale Condominium Litigation Attorney

Contact Fort Lauderdale condo litigation attorney Marcy Resnik to discuss potential theft or legal matters relating to your condo association. You can contact Ms. Resnik online or call her at 954-321-0176.

SEC Charges George Elia of Oakland Park with Fraud

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The Securities and Exchange Commission charged that a South Florida investment manager defrauded investors by making false claims about his investment track record and providing bogus account statements that reflected fictitious profits.

In the complaint filed in the U.S. District Court for the Southern District of Florida, the SEC alleges that since 2005, George Elia and International Consultants & Investment Group Ltd. Corp., pulled in at least $11 million from investors by falsely claiming annual returns as high as 26%, and that Elia transferred more than $2.5 million of investor funds to two entities he controlled, Elia Realty, Inc., and 212 Entertainment Club, Inc.

Elia, age 67, and until recently a resident of Oakland Park, Florida, told investors that he had extensive experience in day trading stocks and exchange-traded funds, but his trading resulted in losses or only marginal gains, and the quarterly account statements he sent to clients overstated their returns, the SEC alleged.

According to the SEC’s complaint, Elia typically met and pitched prospective investors over meals at expensive restaurants in and around Fort Lauderdale. The SEC said his clients typically came to him through word-of-mouth referrals among friends and relatives. A significant number of the victims of his scheme were members of the gay community in Wilton Manors, Florida.

“Elia’s blatant fraud and cruel deceptions have wrecked the lives of investors and their families,” said Eric I. Bustillo, Regional Director of the SEC’s Miami Regional Office. “This is a sad lesson that investors must always be skeptical of claims of high and steady investment returns, even when the manager is recommended by trusted friends or members of one’s own community.”

In a parallel criminal case, the U.S. Attorney for the Southern District of Florida announced that Elia was indicted on April 5 on one count of wire fraud.

The SEC alleges that Elia and ICIG operated through an informal “Investor Funding Club” and through funds including Vision Equities Fund II, LLC and Vision Equities Fund IV, LLC. It alleges that Elia sent one investor a statement for the first three quarters of 2009, showing returns of 3.48%, 3.48%, and 3.52% respectively. The SEC alleges the statement was false and misleading because the returns exceeded Elia’s trading gains for the period. In at least one instance, the SEC alleges Elia reassured an investor by showing him falsified statements that grossly overstated account balances.

The SEC’s complaint charges that Elia and ICIG violated antifraud provisions of U.S. securities laws and that Elia aided and abetted violations by the firms. The SEC is seeking permanent injunctions against Elia and ICIG, disgorgement of ill-gotten gains plus pre-judgment interest, and civil penalties. The complaint also named Elia Realty, Inc. and 212 Club Entertainment, Inc. as relief defendants.

Contact Fort Lauderdale securities litigation attorney Howard N. Kahn, Esq. if you or someone you know did business with George Elia. In addition to being an experienced securities litigation attorney, Mr. Kahn also serves as a FINRA arbitrator for individual investors, brokers, and brokerage firms. You can reach him at 954-321-0176 or online.