Overseas Real Estate Developer Convicted of Defrauding Investors

A real estate developer accused of misappropriating more than $13 million that was supposed to be used to finance the development of a retirement and vacation community in Belize has been convicted on one count of wire fraud and one count of unlawful monetary transactions.

Andris Pukke’s trial began on June 17 in the US District Court for the Southern District of New York, with the jury returning its guilty verdict on July 10. Judge J. Paul Oetken has yet to schedule a sentencing date.

Investors in the real estate project, “Sanctuary Belize,” were told that the development would include ...