Three people behind a failed resort project in south DeKalb County are now facing accusations that they spent millions of investors’ dollars on shopping sprees, luxury resorts, night clubs and day trading. The Court ordered an emergency asset freeze last week after federal investigators alleged that the developers were still trying to raise money through a fraudulent $1 billion bond issue. The men pocketed a total of $5.6 million and spent it on lavish shopping trips to retailers. The trio sold bonds to investors in Canada, California and the United Kingdom, usually at half of their face value. They told some investors they would repay the bonds within weeks at full value.
Read the full article at The Atlanta Journal Constitution.