NAPLES, Fla. — The death of Frank D'Alessandro, a key real estate developer tied to the Florida loans roiling Norlarco and Huron River Area credit unions won't stop several lawsuits filed by attorneys representing clients against him.
|D'Alessandro's body was found off the coast of New Jersey after he was reported missing after taking a long kayak ride. He presumably drowned and the death was deemed accidental. But his death won't stop a federal class action lawsuit filed by Fort Lauderdale Real Estate attorney Gary Poliakoff on behalf of more than 100 investors and other lawsuits filed in state court.
|D'Alessandro was involved in the selling of homes in Lehigh Acres and Cape Coral subdivisions for which Norlarco, New Horizons and Huron River Area CUs provided funding. New Horizons has been merged and Norlarco and Huron River are now conserved by the NCUA, which holds some $438 million in loans, many now in delinquency. The agency is negotiating with builder K. Hovnanian in an attempt to stem losses to the NCUSIF.
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