Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Prosecutors: Miami developer, 77, a danger and should remain jailed on bank fraud charges

Federal prosecutors say Domenic Rabuffo, the 77-year-old Miami developer of a controversial North Carolina development, poses a danger to the community and should remain behind bars until trial on multiple charges of bank fraud.

Rabuffo and six other Florida residents were arrested last week for allegedly scamming banks out of almost $50 million in mortgage money. Each faces a maximum sentence of 30 years in prison and $1 million fine.

Rabuffo, his ex-wife, Mae, Land O'Lakes engineer Raymond E. Olivier, Tampa mortgage and investment broker Curtis Allen Davis and others are accused of using dozens of straw buyers and corporations to purchase lots near Cashiers, N.C. Most of the buyers are Florida residents, including many from the Tampa Bay area.

All but Rabuffo have been released on $100,000 bond.

Because of his age, Rabuffo faces a de facto life sentence if convicted. Prosecutors say Rabuffo is likely to flee, noting he frequently travels to Mexico, the Bahamas and the Dominican Republic and has access to millions of dollars which he keeps in the names of others.

Prosecutors contend that Rabuffo has no ties to South Florida except for a daughter who lives in Fort Lauderdale.

In an affidavit filed in federal court, Assistant U.S. Attorney Dwayne E. Williams says Rabuffo has a long history of perpetrating fraudulent schemes disguised as businesses and now claims to be in the metal trading business with two Florida companies: Ore Trading LLC and Mar Construction Communications Inc.

"There is clear and convincing evidence that no conditions will reasonably assure the safety of the community if Domenico Rabuffo is released on bond,'' prosecutors contend.

On Tuesday, Rabuffo will try to persuade a federal magistrate in Miami to let him remain free on bail.

The federal indictment accuses Olivier and Davis of soliciting buyers with a promise to pay them $12,500 a year for the use of their names and credit for bank loans. Each buyer would get an additional $12,500 a year if they pursued a construction mortgage.

Prosecutors say Rabuffo has hidden assets and once showed a witness a bank statement on an account containing $9 million. The account, like much of the land he purchased in North Carolina, was in his ex-wife's name.

Rabuffo has also boasted that his ore trading business is very lucrative and once told Olivier not to worry about a lawsuit because he had "billions coming in'' from a business in Mexico.

Prosecutors: Miami developer, 77, a danger and should remain jailed on bank fraud charges 01/17/14 [Last modified: Saturday, January 18, 2014 12:05am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Sen. Angus King, I-Maine reflects on the news from the Congressional Budget Office analysis that could imperil GOP leaders' hopes of pushing their health care the plan through the chamber this week, Tuesday, on Capitol Hill in Washington. [AP photo]
  2. Review: Dan Auerbach, Benjamin Booker plumb the past for inspiration on new albums

    Music & Concerts

    It didn't take Benjamin Booker long to get lumped in with the greats. The Tampa-raised singer-songwriter's 2014 self-titled blues-punk debut brought widespread acclaim, not to mention an appearance on The Late Show with David Letterman, a tour with Jack White and sessions with Mavis Staples.

    The cover of Benjamin Booker's new album "Witness." Credit: ATO Records
  3. Fourth of July in Tampa Bay: parades, hot dog parties, concerts and more things to do

    Events

    Looking for things to do on the Fourth of July in Tampa Bay? There is no shortage of patriotic events, from the Hot Dog Party concerts and eating contest in Tampa, to the parades in Land O' Lakes and Safety Harbor, to the swinging dance party at St. Petersburg's Museum of Fine arts, there's an abundance of things to do …

    The annual Independence Day parade in Brandon kicks off at 10 a.m. on July 4 at 101 E Lumsden Road. [EVE EDELHEIT   |   Times (2015)]
  4. Pasco deputies investigate vandalism at Crystal Springs Cemetery (w/video)

    Crime

    CRYSTAL SPRINGS — Pasco County deputies are looking for one or more suspects linked to vandalism of two grave sites in this community's small cemetery.

    An above-ground tomb disturbed by one or more suspects, according to the Pasco County Sheriff's Office.
  5. Republicans struggle to marshal votes for health care bill

    National

    WASHINGTON — Republican leaders scrambled for support Tuesday before a vote to take up legislation repealing the health care law, negotiating, pressuring and cajoling Republican senators but preparing for another embarrassing setback for President Donald Trump.

    Senate Majority Leader Mitch McConnell of Ky., center, talks with his chief of staff Sharon Soderstrom, right, and communications staff director Antonia Ferrier, left, as they walk to his office on Capitol Hill in Washington, Monday, June 26, 2017. Senate Republicans unveil a revised health care bill in hopes of securing support from wavering GOP lawmakers, including one who calls the drive to whip his party's bill through the Senate this week "a little offensive." [Associated Press]