Fla. Bank Sues Gated-Community Developers Over $19M Loan

By Nathan Hale (March 11, 2013, 10:42 PM EDT) -- Florida Community Bank NA filed suit Monday in Florida state court seeking $16.9 million outstanding on a $19.3 million loan it made to the developers of the Rive Isle Golf & Nautical Estates gated community near Sarasota.

In addition to claims of breach of contract over the loan repayment, the bank alleges fraudulent transfer and fraudulent conversion against the defunct Weda Developers Inc., which it says transferred all its assets at some time in or after 2011 and got no value in return as a means of hindering or defrauding the bank and its collection on the debt.

"Weda Developers converted...

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