OTHER NEWS - Aug. 20, 1991
Miami Builder Faces $5 Billion in Claims: General Development Corp., which sought bankruptcy protection after being charged with defrauding thousands of retirees in a housing scheme, said the claims are four times higher than earlier estimates. A total of 220,000 people were living in General Development’s nine planned communities in March, 1990, when it was accused in a federal indictment of selling 10,000 overpriced homes through a fraud scheme aimed at out-of-state retirees. The company pleaded guilty to a single fraud count and set up a $160-million fund to cover homeowner claims.
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