Jun
08

Not Much Left for Bahama Island Investors

By

Bahama funds scoured
Investors’ lawyers add agent to case after finding transfer of assets from condo project

June 08, 2008

By David Wren – The Sun News

Lawyers representing investors who lost $5.4 million in the failed Bahama Island condominium project here are scrutinizing the developers’ bank records to see whether there are any hidden assets that could be used to repay the money.

They also have added Tiffany Travis, a former sales agent for Ocean Front Real Estate Co., to a growing list of defendants who might have received some of those assets.

Ocean Front Real Estate marketed Bahama Island and other condo projects for companies owned by developers Jeff Shoup and Tommy Hix.

Travis did not respond to a request for comment and has not filed a response to six lawsuits filed against her by the Mullins Law Firm, which represents 58 Bahama Island condo and boat slip purchasers.

Shoup and Hix are accused of taking Bahama Island depositors’ money from an escrow account and spending it on personal bills, salaries and other expenses not related to the project.

All of that money is gone, along with about $2 million from escrow accounts for other projects, and Bahama Island buyers are left without their deposits or condo units.

Lawyer Randy Mullins said he added Travis to the lawsuits because bank records indicate Bahama Island’s developers might have transferred assets into her name in the months after Bahama Island fell apart.

“The financial records show some of the funds might have trickled down to Mrs. Travis,” Mullins said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.myrtlebeachonline.com/news/local/story/478712.html

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