Chapter 10 - The side project
Daniel had invested in a three-unit luxury condominium conversion in West Town.
I knew about it.
I did not know the scale.
He told me he invested:
$75,000.
Actual exposure:
Nearly $240,000.
Some direct.
Some guarantees.
Some loans.
The developer encountered foundation problems.
Then permit delays.
Then a contractor dispute.
Daniel faced margin calls and loan obligations he had never told me about.
He was not stealing because he wanted a yacht.
He was trying to prevent one bad investment from exposing three lies:
How much he had invested.
How much debt he had guaranteed.
How little cash he actually had available.
So he used Bennett Meridian vendors as a temporary source of money.
At least that was how he described it later.
Temporary.
He intended to repay everything after the condos sold.
Two units did eventually sell.
He repaid approximately $63,000 indirectly.
That repayment became part of his defense.
He said:
“Thieves don’t pay money back.”
Dana answered in an interview:
“People who take money without authorization sometimes do.”
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Repayment affects loss.
Not consent.
