JACO, Costa Rica– Patrick Hundley, a former West Michigan man, is facing charges as he committed $7 million in real estate fraud in Costa Rica.
Hundley graduated from Grandville High School and is the founder of DayStar properties in Jaco, Costa Rica. He had several mortgage and real-estate companies in West Michigan. Currently, he is living in Costa Rica and facing fraud charges. He is a reputed developer in the Jaco area.
He is accused of defrauding five foreign investors out of $7 million they paid for a piece of property in Jaco, according to the local newspaper La Nacion. Those investors said that there was never a transfer of shares or the property, as he said.
He was taken into custody in February and is being charged with administrative fraud, punishable by up to 10 years in jail.
Prosecutors said a settlement could be reached.
News Source: www.wzzm13.com