Frank D'Alessandro, the southwest Florida developer who was a partner with three now-failed credit unions in a multibillion-dollar land speculation, was found floating in the ocean Monday, the victim of an apparent accidental drowning.
Mr. D'Alessandro, 52, who was staying in an oceanfront home while visiting his ailing mother, was in the habit of taking nighttime kayak trips in the ocean, according to police. His kayak was found overturned miles away Monday morning, five days after his mother notified police he was late for a lunch date. His body was spotted by a passing boat crew.
The developer was a partner in D'Alessandro and Woodyard Commercial Realtors, which helped originate a plan to sell to thousands of investors preleased homes that were financed in partnership with the three credit unions.
Mr. D'Alessandro's firm offered closing, financing, property management, and procurement of tenants for the preleased properties. He and his firm are named as defendants in dozens of lawsuits, claiming, among other things, that the land-speculation scheme violated federal securities laws.
