Two Lawsuits Reportedly Filed Against Ginn Company in Lake County, Florida by Property Investors
Orlando source says the suits (totalling about $45 million) relate to golf course lots in Ginn’s Bella Collina Community on Lake Apopka, near Orlando, FL.
May 9, 2008 – Palm Coast, FL – A lawsuit was filed last year in Michigan against the Ginn Company by 99 investors who purchased property in various Ginn developments. The suit charged that Ginn created what amounted to a ponzi scheme by enticing investors with promises of profits from flipping lots to new investors at exaggerated prices rather profits based on the underlying value of the property. This suit has recently been moved to Florida. The Ginn Company has repeatedly stated its intent to vigorously defend against the suit.
Now, it seems that other suits are in the works. A one-time Ginn property owner tells me that two lawsuits were filed in Lake County in late April (28th and 29th) against the Ginn Company. I’m told the suits, totaling about $45 million, allege that Ginn misrepresented the value and investment potential of lots they sold in Ginn’s premier Bella Collina community near Orlando. The source indicated that similar efforts are underway by investors in other Ginn properties including The Conservatory in Palm Coast, Tesoro in Port St. Lucie, Reunion near Orlando, Quail West near Naples, and others out of state.
It will be up to the courts to decide whether the properties were misrepresented or if the investors simply made bad decisions.
Rumor: (noun) A current story or statement without confirmation or certainty as to facts
bobby ginn
we are raising actions against ginn builder carmen dominguez /appraisers all were comlicate as well as crown bank /fifth third .they are goin to jail