Paragon Properties Losses $50-$60 million?

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  • March 14, 2011 at 12:00 am #198552
    Andrew
    Keymaster

    “A lawsuit filed in the 17th Judicial Circuit Court in Florida alleges that a Florida-based company, Paragon Properties, operated a “Ponzi-like” real estate scheme in Costa Rica, failing to provide hundreds of retirement-age investors with deeds for land it claimed to be developing. Matthew Sarelson, the Miami-based lawyer for some 250 plaintiffs, estimates total depositor losses at $50 million to $60 million. (A lawyer for Paragon declined to comment.)”

    [ http://www.smartmoney.com/personal-finance/retirement/retire-abroad-golden-years-go-global-1299780968587/?page=3 ]

    I know we have VIP Members who unfortunately sent money to Paragon properties of Costa Rica but can any of you please tell us if this Sarelson class action lawsuit has made any progress so far?

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