The Florida Department of Law Enforcement and Attorney General Bill McCollum’s Office of Statewide Prosecution have issued an arrest warrant for Hudson Gabay, 42, of Miami, for his role in a large-scale investment fraud that targeted investors from Central Florida and the United Kingdom. Gabay has been charged with one count of organized scheme to defraud over $50,000.
Investigators allege Gabay solicited investors to pay down payments on vacation homes that were to be built at Elliot’s Landing, a proposed housing development in Osceola County, Florida. Gabay contracted with Classic Florida Realty, Inc. to be the exclusive broker for marketing and sales of the vacation homes.
Since 2004, several hundred investors have paid an estimated $15 million to Gabay for the construction of the vacation homes. To date, no homes have been built. The investigation revealed that neither Gabay nor his company, British American Homes, had any ownership rights to the proposed construction site in Osceola County until he actually financed the plot in March 2006. Investigators say Gabay used the initial investments to finance the purchase of the property so that construction could begin, then kept the remainder of the $15 million for personal use, spending it on luxury cars, interior decorating, and a condo, as part of his lavish lifestyle in the Miami area.
Authorities also note that a press release has been posted online falsely stating that charges against Gabay have been dismissed. The press release may be found here: http://www.free-press-release.com/news-multiple-cases-against-florida-developer-hudson-gabay-dismissed-1270314798.html
Authorities believe Gabay may be in the South Florida area.
Anyone with information on Gabay’s whereabouts is asked to contact Crimeline at 407-423-TIPS.
