Justice in Exuma! Thank you, DPM Brave Davis and Minister Fred Mitchell for taking this critical step to insure justice for people who invested their life savings on Exuma. This step will attract more foreign investment to Exuma and increase tax revenue on the island. Thank you, and bravo Bahamas!
My name is Derrick Nedzel. My father was one of the investors in Oceania Heights - he purchased 4 lots there as an investment to provide for my sister who is very ill. Mr. Obront told him this would be a great investment, he could sell the lots in a year or two and make a good return. That was 1999. We still can't sell the properties, the properties have been assessed at less than half the purchase price (after 15 years), my father is dead, I am now the executor of my Dad's will and am trying to care for my sister. She still needs medical care that I can't afford, we've lost all of Dad's money and I don't know how I will care for my sister. I didn't cause this, I didn't invest at Oceania, my Dad did, with the best of intentions, but it turns out, with crooks. This is a financial disaster for us.
The DPM told Thompson he couldn't assign his debts to us as part of the settlement, yet that's what Attorney Thompson has attempted everytime we have negotiated. The DPM told him to return the money he collected for Stamp and Duty but failed to pass along to the government. Thompson said he would - several times since February, but hasn't returned a dime. Obront ran off with the money, and no one is going after him.
So, all the negative consequences are for us investors - my family is hardly the only victims: Obront and Thompson robbed 40 investors of their life savings, their retirements, their futures. And who suffers the consequences of these crimes? Not Thompson. Not Obront. The victims, the foreign investors.
My name is Derrick Nedzel, I represent the estate of my father: Dr. Gleb A. Nedzel, who purchased property at Oceania Heights. I have to take exception to Mr. Obront no longer being willing to pay the water bill at Oceania. Mr. Obront and Mr. Thompson arranged Oceania so that they would maintain title to all the properties in the name of a company they setup (Oceania Properties Ltd) and then broker the purchase and sale of property in the development themselves. This plan avoided stamp and duty and property taxes as they didn't record any of the sales with the Bahamian goverment - a key selling point they used in the original sales of the properties, although they failed to explain the legal ramifications to purchasers like my father. And they collected funds for Stamp and Duty, but since they didn't record the sales, they didn't pass onto the Bahamian treasury, Oceania just kept that money. Oceania benefited from treating the development as one large holding by keeping money collected for Stamp and Duty tax and thru legal fees for the sale of each lot (even though the sale was never recorded). They arranged for services in the same way: Water was metered once for the whole development, rather than being broken up lot by lot because they saw the development as a single property they owned. This was in their interest and is reflected, to this day, in the Conveyances recorded with the Bahamian Goverment.
Now Mr. Obront wants to have the homeowners pay for their services individually even though most don't have Conveyances for their properties - the lots are still owned legally by Oceania Properties LTD. Mr. Obront: you can't have it both ways. Either continue to treat Oceania as your personal property and accept responsibility for services and for maintaining and improving the development, or get us our conveyances, return our money for stamp and duty and other various fraudulent overcharges, make good on your debts regarding your failure to provide the promised amendities to support the price you charged us for lots, resolve the multiple sale of lots, repair the existing infrastructure that has been damaged because you didn't maintain it and let us organize a homeowner's association to manage the development in the best interest of the homeowners. Then, and only then, should the homeowners accept responsibility for paying for development services.
Right now I don't own the lots I paid for, why would I pay for services for lots I don't own?
My father invested his entire retirement in property at Oceania Heights on Exuma between 1999 and 2005. This money was intended to provide for his daughter who has a medical condition. The developer said it is a wonderful investment opportunity where the investment would grow very rapidly in a short period, exempt from Bahamian taxes. The developer took my father's money, sent him sales invoices and statements showing the amount paid in full, but never gave him the title to the properties. My father spent the last two years of his life trying to get the title to the property. Without that he couldn't sell the property to get his money back.
Since my father's death in 2008, I have been trying to get title to the property so that we could at least get his investment back - even without any earnings for the 10+ years it has been invested. The developer refuses to send me the title even though I can prove my father paid him for the properties in full. This has been going on for 4 years - for a total of 6 years we have been trying to get what we paid for. All our money is gone and we have nothing to show for it and no way to get that money back.
Here is how I think of this: if I buy a car, and I give the money to the seller, but they won't give me the keys, then I would go to the police because I was robbed, that's fraud. Yes, we have gone thru attorneys, we have been working thru the Bahamian legal system all along. I am not asking for special treatment, and I think I have been patient (6 years worth) - I am just asking for us to get what we paid for.
I am an investor in Oceania - my father purchased 4 lots, paid in full and received sales contracts but no title. We want to sell the properties, but the developer won't give us title to the property we paid for. We represent 3-4% of the entire development just by ourselves and I know several other owners with multiple lots in the same position. This issue has been going on for 3 years, I have been thru 3 Bahamian attorneys and still have no resolution. Will we ever get our money back?
dnedzel says...
Justice in Exuma! Thank you, DPM Brave Davis and Minister Fred Mitchell for taking this critical step to insure justice for people who invested their life savings on Exuma. This step will attract more foreign investment to Exuma and increase tax revenue on the island. Thank you, and bravo Bahamas!
On dnedzel
Posted 4 April 2016, 4:49 p.m. Suggest removal
dnedzel says...
My name is Derrick Nedzel. My father was one of the investors in Oceania Heights - he purchased 4 lots there as an investment to provide for my sister who is very ill. Mr. Obront told him this would be a great investment, he could sell the lots in a year or two and make a good return. That was 1999. We still can't sell the properties, the properties have been assessed at less than half the purchase price (after 15 years), my father is dead, I am now the executor of my Dad's will and am trying to care for my sister. She still needs medical care that I can't afford, we've lost all of Dad's money and I don't know how I will care for my sister. I didn't cause this, I didn't invest at Oceania, my Dad did, with the best of intentions, but it turns out, with crooks. This is a financial disaster for us.
The DPM told Thompson he couldn't assign his debts to us as part of the settlement, yet that's what Attorney Thompson has attempted everytime we have negotiated. The DPM told him to return the money he collected for Stamp and Duty but failed to pass along to the government. Thompson said he would - several times since February, but hasn't returned a dime. Obront ran off with the money, and no one is going after him.
So, all the negative consequences are for us investors - my family is hardly the only victims: Obront and Thompson robbed 40 investors of their life savings, their retirements, their futures. And who suffers the consequences of these crimes? Not Thompson. Not Obront. The victims, the foreign investors.
So why would anyone ever invest in the Bahamas?
On Oceania Heights settle offer 'absolute nuts'
Posted 1 October 2013, 10:01 a.m. Suggest removal
dnedzel says...
Mr. Hartnell,
My name is Derrick Nedzel, I represent the estate of my father: Dr. Gleb A. Nedzel, who purchased property at Oceania Heights. I have to take exception to Mr. Obront no longer being willing to pay the water bill at Oceania. Mr. Obront and Mr. Thompson arranged Oceania so that they would maintain title to all the properties in the name of a company they setup (Oceania Properties Ltd) and then broker the purchase and sale of property in the development themselves. This plan avoided stamp and duty and property taxes as they didn't record any of the sales with the Bahamian goverment - a key selling point they used in the original sales of the properties, although they failed to explain the legal ramifications to purchasers like my father. And they collected funds for Stamp and Duty, but since they didn't record the sales, they didn't pass onto the Bahamian treasury, Oceania just kept that money. Oceania benefited from treating the development as one large holding by keeping money collected for Stamp and Duty tax and thru legal fees for the sale of each lot (even though the sale was never recorded). They arranged for services in the same way: Water was metered once for the whole development, rather than being broken up lot by lot because they saw the development as a single property they owned. This was in their interest and is reflected, to this day, in the Conveyances recorded with the Bahamian Goverment.
Now Mr. Obront wants to have the homeowners pay for their services individually even though most don't have Conveyances for their properties - the lots are still owned legally by Oceania Properties LTD. Mr. Obront: you can't have it both ways. Either continue to treat Oceania as your personal property and accept responsibility for services and for maintaining and improving the development, or get us our conveyances, return our money for stamp and duty and other various fraudulent overcharges, make good on your debts regarding your failure to provide the promised amendities to support the price you charged us for lots, resolve the multiple sale of lots, repair the existing infrastructure that has been damaged because you didn't maintain it and let us organize a homeowner's association to manage the development in the best interest of the homeowners. Then, and only then, should the homeowners accept responsibility for paying for development services.
Right now I don't own the lots I paid for, why would I pay for services for lots I don't own?
Respectfully,
- Derrick Nedzel
On Oceania home values '10% of what we paid'
Posted 3 July 2013, 1:58 p.m. Suggest removal
dnedzel says...
My father invested his entire retirement in property at Oceania Heights on Exuma between 1999 and 2005. This money was intended to provide for his daughter who has a medical condition. The developer said it is a wonderful investment opportunity where the investment would grow very rapidly in a short period, exempt from Bahamian taxes. The developer took my father's money, sent him sales invoices and statements showing the amount paid in full, but never gave him the title to the properties. My father spent the last two years of his life trying to get the title to the property. Without that he couldn't sell the property to get his money back.
Since my father's death in 2008, I have been trying to get title to the property so that we could at least get his investment back - even without any earnings for the 10+ years it has been invested. The developer refuses to send me the title even though I can prove my father paid him for the properties in full. This has been going on for 4 years - for a total of 6 years we have been trying to get what we paid for. All our money is gone and we have nothing to show for it and no way to get that money back.
Here is how I think of this: if I buy a car, and I give the money to the seller, but they won't give me the keys, then I would go to the police because I was robbed, that's fraud. Yes, we have gone thru attorneys, we have been working thru the Bahamian legal system all along. I am not asking for special treatment, and I think I have been patient (6 years worth) - I am just asking for us to get what we paid for.
On 'I'll set the record straight over real estate'
Posted 23 October 2012, 8:25 p.m. Suggest removal
dnedzel says...
I am an investor in Oceania - my father purchased 4 lots, paid in full and received sales contracts but no title. We want to sell the properties, but the developer won't give us title to the property we paid for. We represent 3-4% of the entire development just by ourselves and I know several other owners with multiple lots in the same position. This issue has been going on for 3 years, I have been thru 3 Bahamian attorneys and still have no resolution. Will we ever get our money back?
On Canada issues investment warning against Bahamas
Posted 21 October 2012, 7:09 p.m. Suggest removal