• Costa Rica Coffee Guide

US real estate developer accused of fraud in Jacó allegedly targeted Michigan investors

June 11, 2014

Investors in the U.S. state of Michigan made up the majority of alleged victims in what investigators are describing as multi-million dollar real estate fraud in the central Pacific tourist town of Jacó, reported WZZM-TV in Grand Rapids, Michigan, on Thursday.

Police arrested U.S. real estate developer Patrick Hundley, 46, in February for allegedly defrauding several investors in the United States of $7 million. Hundley allegedly took their money but failed to add them as shareholders of a 15,850 square-meter property in the city known for its surfing and beaches.

WZZM said that four of the plaintiffs are Michigan business owners, some of whom previously worked with Hundley when he still lived in the state. The television station named Dag Hascall, Robert Sweezie, Dan Carrol and Terry Fiscus among the alleged victims.

A criminal court in Puntarenas set Hundley’s bail at over $3 million. The court also ordered the U.S. suspect not to leave Costa Rica, nor contact the plaintiffs or witnesses, and ordered him to report to the court once a month for a year, according to the Judicial Branch. The defendant’s lawyer, Erick Ramos, told the daily La Nación that they would put up several properties as collateral to post bail.

Hundley has been in jail since Feb. 17 and remained there as of Thursday, according to La Nación. Two notaries also arrested with Hundley last month have since been released.

According to the allegation, Hundley, a Costa Rican resident and former owner of the Jacó Rays soccer club, offered to help the investors avoid fictitious fees by purchasing land for a real estate development through his company. Plaintiffs claim Hundley took their money without providing shares in the new company.

You may be interested

Costa Rica relocation/retirement guide book releases its 19th edition
News
8 views
News
8 views

Costa Rica relocation/retirement guide book releases its 19th edition

Tico Times - April 11, 2021

Long time Costa Rica citizen and Tico Times columnist, Christopher Howard, releases the 19th edition of his popular relocation/retirement guide Over…

Costa Rica Multipurpose Patio Shrub – Malinche
Home Gardening
15533 views
Home Gardening
15533 views

Costa Rica Multipurpose Patio Shrub – Malinche

Ed Bernhardt - April 11, 2021

Here’s another attractive ornamental that’s a favorite Costa Rican backyard patio shrub. You’ll find malinche (Caesalpinia pulcherrima) growing in just…

Costa Rica celebrates Juan Santamaría Day
Costa Rica
2483 views
Costa Rica
2483 views

Costa Rica celebrates Juan Santamaría Day

The Tico Times - April 11, 2021

Costa Rica, lacking an army since 1948, has relatively few war heroes. Perhaps the most notable exception is Juan Santamaría, a…