The condo association for the Aston Martin Residences at 300 Biscayne Boulevard Way in downtown Miami has filed a lawsuit against the developer, with claims of misappropriation of funds and self-dealing infractions. The Miami Herald reported that the association alleges German Coto, developer of the 66-story luxury building, engaged in a “fraudulent scheme” to enrich himself using association resources.
According to the lawsuit, Coto, among others related to him, was involved in creating contracts without a proper bidding process, forcing the association to pay inflated prices for services. David Haber, the attorney for the condo association, expressed his shock at such “brazen self-dealing,” in a statement obtained by the Miami Herald. The civil complaint contains a roster of 10 LLCs and seven individuals, including the developer’s own mother, as defendants.
“I’ve never seen this level of arrogance by a developer, such brazen self-dealing,” Haber told the Miami Herald. The lawsuit details dubious contracts entered into by Coto for inflated services related to building upkeep, from cleaning to security. In the transition period known as the condo turnover process, the developer is required to present comprehensive financial documents to the association, which Haber claims were not provided, citing also that computers due to be handed over were wiped. The condo association appears to be seeking rectification for the alleged financial drain…