FTC Says Americans Spent $100 Million on Belize Real Estate Scam

The U.S. Federal Trade Commission filed suit on what it alleges is a $100 million real-estate investment scam targeting Americans who wish to retire abroad, The Wall Street Journal reports. Belize’s Atlantic International Bank was selling parcels in a remote jungle area — which the bank said would become a luxury resort community — and reportedly pocketing the investors’ money. Several investors sued the developers in 2016, however, their Belizean attorney was fatally shot in his home, which local authorities labeled a suicide. The project operated under various names over a span of 13 years and involved more than 1,000 investors.

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