|Published:||Dec 02, 2011 11:46 PM EST|
|Updated:||Dec 03, 2011 12:26 AM EST|
LEE COUNTY, Fla.- An update to a WINK News CALL FOR ACTION investigation into a land trust run by Cape Coral realtor Greg Eagle. Attorneys have now filed paperwork on behalf of the investors who lost their money to become a class action suit against Eagle and the bank trying to foreclose on the property.
WINK News first told you about the situation involving the Pine Island 101 Land Trust. The trust contains 101 acres of land around the area of Pine Island Road by the German American Social Club. The 52 investors in the Pine island 101 land trust bought the property in the 1990s.
Court documents claim eagle falsified documents to get a loan on the property. Those same court documents say Eagle didn't repay the loan and the bank foreclosed leaving investors without a dime. Already, one investor has challenged the foreclosure on those grounds.
Eagle told WINK news he had the right to mortgage the property. He says he did it to finance his private homeland security project which fell through.
The suit is asking the judge to block the foreclosure and for the property to be sold to repay the investors and the bank. It's now up to a judge to decide if the suit can continue as a class action lawsuit.