Investors sue, feds get involved as St. Clair County casino plan tanks
BY CHRISTY ARBOSCELLO • FREE PRESS STAFF WRITER
February 9, 2009
But that dream deal quickly soured for financers who say the $600-million project presented by the entrepreneur proved too good to be true.
Defeo, who claimed riches from other financial undertakings, convinced them he had the inside track on a casino project with the federal government and an American Indian tribe.
The project, he boasted, had received the personal stamp of approval from none other than then-President George W. Bush.
He showed them paperwork, eased their fears with thorough answers and gingerly maintained relationships -- until he got at least $2 million from investors, according to more than 20 lawsuits in Macomb County Circuit Court.
Now, with his plans for the development of a casino and entertainment hub in St. Clair County at a standstill, investors don't know where Defeo -- or their money -- has gone.
And they're not the only ones interested in tracking down the 57-year-old New York native whose last known address was in Bloomfield Hills. Federal authorities also are trying to find him, the Free Press has learned.
"I think Mr. Defeo is very elusive. ... I can't substantiate unofficial reports that he's in different states throughout the country," said Warren-based lawyer Anthony Penna, who represents Defeo's landlord, Grillo Properties of Chesterfield Township.
The company said Defeo owes more than $500,000 in unpaid rent and improvements made to an office he leased on Dalcoma Drive in Clinton Township.
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Remember do your Due Diligence,
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2 comments:
Maybe Diane Nowles should have done her own due diligence before she represented the billion dollar scam man as being "bonafide". He was "bonafide" alright, a bonafide scammer.
I wish I knew Mr. DeFeo's whereabouts! I put countless hours into the design concepts for what I thought was a fantastic rejuvenation project for Downtown Port Huron. Yes, I am the architect that he smooth talked into getting renderings and preliminary designs ready and he needed them "yesterday". Before I knew what was going on, he had taken over $5000 of my time and would not return my calls. My heart goes out to all the people this man duped. It is so unfortunate that people like this exist and as a result deteriorate public and private trust.
DBoersma
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