Five Major Construction Projects Fall Along With Mortgage Broker
FORT LAUDERDALE, Fla. (AP) _ At least five multimillion-dollar projects came to halt across the country after the collapse of a mortgage brokerage firm and the arrest of one of its operators.
One of the projects is a $33.5 million golf course planned by a Charlottesville, Va., firm involving golfing great Arnold Palmer, police said. Keswick Corp. didn’t actually lose any money, however, because it had put its $25,000 into an escrow account, police said.
Lloyd Curtis Wyant, 23, senior vice president of Parallax Financial Corp., was in the Broward County Jail on Friday, charged with five counts of grand theft and scheming to defraud, police said.
″This is the most blatant fraud I’ve seen in a long time,″ said Sgt. John Calabro, supervisor of the fraud unit. ″And I’ve seen some pretty blatant ones.″
Calabro said the company advertised in The New York Times last November claiming to have more than $118 million in assets. It offered multimillion- dollar mortgages for a fee, but after collecting the money never arranged the mortgage financing, officials say.
The four other businesses ended up losing a total of $41,625 in fees.
The other projects included a $6.3 million land development by Lawrence International in Newport Beach, Calif.; a $5 million land development by World Inc. in Iowa; an $8 million pet supply store project by Pet Emporium Inc., in New York City, and a $5.5 million high-rise building for the elderly by Beta Corporation 21 in Toledo, Ohio, police reports show.
The president of Parallax, Maximillian D. McQuillen III, 26, of Tamarac, was being sought Friday, said police spokesman Ott Cefkin. The business closed its doors Wednesday.