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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. •