Real Estate Developer in Spain Faces Imminent Imprisonment for Gambbling Away Investors' Funds
A crafty real estate tycoon named Carlos García Roldán, based in Spain, is looking at a prolonged jail term due to defrauding millions from investors. As per news outlet Ultima Hora, prosecutors wish to impose a lengthy prison sentence on Roldán, who swindled money and used it for gambling trips and vacations.
Roldán was the CEO of Lujocasa, a sham real estate company that became one of Mallorca’s biggest real estate scams. Roldán created 32 non-existent developments through the company and managed to convince 146 individuals to buy houses. Unsurprisingly, the properties were just figments of his imagination.
According to Spain’s Public Ministry, the fraud collected approximately €3.3 million (US$3.5 million), potentially more. It was confirmed that over €2 million (US$2.12 million) landed directly in Roldán's pocket.
The prosecution alleges that Roldán, known as Charly among his circle, orchestrated the whole scheme. He created a convoluted plan involving roping in others to create an illusion of strength and financial stability.
Funning Away the Funds
Roldán promoted a series of fictitious developments in Palma de Mallorca, Llucmajor, and Marratxí in 2015. Out of the 32 real estate projects the group announced and sold, they only had seven building plots. The company's primary asset was a tractor valued at around €6,000 (US$6,373).
The group amassed more than €3 million from people who believed they were buying a home "on plans". As per the prosecutor’s office, the funds were primarily diverted to Roldán’s personal possessions. The charges include up to 227 visits to an unidentified casino, where he spent at least €700,000 (US$743,540) before recovering some of it.
A portion of the funds was used to pay his accomplices an unspecified amount as wages. Some of the money was spent in Colombia to finance Roldán’s escape to the country to dodge prosecution.
Spain’s Civil Guard nabbed and detained him in February 2019. They returned him to Spain in December, where he's been out on bail while awaiting trial.
Legal Troubles
Roldán faces charges of fraud, grand theft, forgery, money laundering, and criminal conspiracy. He is likely to spend the next 16 and a half years in prison, according to prosecutors.
Others associated with the crime also face prison sentences. Michele Pilato, in charge of the supporting real estate company, faces 10 years. The ghost builder, José Anotni Mir Pérez, faces eight. Three people, allegedly Roldán’s frontmen, each face seven years behind bars. Roldán's girlfriend and sister, who could get three years for accepting funds derived from fraud.
Sentencing isn’t expected to happen for a few more months.
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