Developer settles construction claim

BOSTON – A real estate developer who allegedly took thousands of dollars in advance payments for new, single-family homes that were never constructed has repaid more than $525,000 to affected Massachusetts homebuyers, and has been permanently required to protect any future consumer deposits, Attorney General Martha Coakley announced. More

To continue reading this article, please do one of the following.



law

Developer settles construction claim

Posted 2/10/14

BOSTON – A real estate developer who allegedly took thousands of dollars in advance payments for new, single-family homes that were never constructed has repaid more than $525,000 to affected Massachusetts homebuyers, and has been permanently required to protect any future consumer deposits, Attorney General Martha Coakley announced.

According to a statement, the consent judgment, entered in Suffolk Superior Court, settles allegations against Michael Intoccia of Foxboro, Mass., and his former companies Bella Estates Realty Trust, MTI Realty, Intoccia Builders Corp., and Intoccia Development Corp., for taking large deposits from consumers upon contracting for the construction and sale of new homes, failing to deliver the promised homes by the contractual deadlines, and then refusing to return consumers’ deposits.

Coakley said that the developer consented to a $100,000 judgment, including a $30,000 payment to the state. The remaining $70,000 is suspended provided that Intoccia complies with the terms of the judgment.

Intoccia has settled all consumer claims against him regarding outstanding real estate deposits. In addition to the five homebuyers named in the AG’s original complaint, Intoccia voluntarily disclosed several other outstanding deposits, dating back as far as 2007. Intoccia has now paid more than $525,000 to more than a dozen individuals from whom he took deposits for new homes.

In February 2013, Coakley’s office obtained a temporary restraining order against Intoccia, prohibiting him from accepting future deposits for new homes unless the deposits are put into a designated escrow account. •

Calendar
PBN Hosted
Events

Applications are now being accepted for the 14th Annual Business Excellence Awards Program. Deadline to apply is October 1st. And save the date for the Awards Dinner - November 12th at the Providence Marriott.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement