The Wek Shall Inherit Fort Lauderdale Beach?

The Wek is buying up Fort Lauderdale Beach. 

Who is The Wek? 

wekerle.jpg
Wekerle
​It's Canadian trader Michael Wekerle, who owns a winter home in Fort Lauderdale. He's a veritable legend on Canadian trading floors, a true financial animal. You can read all about him here

Then you have Swedish hedge funder Par Sanda, who is on an even bigger tear, snapping up distressed properties at a blistering pace.  

These foreign vultures -- and I use that as a technical term -- want to transform the mom-and-pop joints into high-end luxury resorts. I don't know if that will be good or bad, but one thing is clear: They're leaving a trail of despair and foreclosures in their wake. 

sandapar.jpg
Sanda
​But that isn't stopping Broward Tourism Director Nikki Grossman from cheerleading for the high-wheeling investors in a recent Sun-Sentinel article on the buying spree by Wekerle and Sanda. 

"The stars are aligning," Grossman gushed. "What you got right now are willing sellers who are making way for a different kind of beach development for Broward. Once we got the four- and five-star hotels on the beach, the natural movement was westward with higher-end properties, and that was something the small motels could not do."

"Willing seller"? Wow, what a nice way to describe 
bankruptcy and foreclosure. I spoke with one beach motel owner this morning, whom I'll name later, who is being squeezed out of her property right now. She wept at one point on the phone, describing a tortuous -- and what she calls suspicious -- process involving a bank involved in more than one of these deals, Landmark Bank. Just for background, federal regulators cited Landmark Bank last year for "unsafe and unsound" practices. 

The beach innkeeper says that when BSO comes to evict her from her hotel, which she's owned for several years to glowing reviews from adoring customers, she plans a peaceful protest. "Somebody has to fight for what's right," she said. 

More on this saga as it develops. 

In other news: 

Thumbnail image for rothsteinlamberti.jpg
Nick Lamberti, Scott Rothstein, the sheriff, David Benjamin and Tom Wheeler
​-- The South Florida Times reports this morning on another big game attended by Broward Sheriff Al Lamberti's teenaged son while his father worked a special security detail. This time, it's the 2009 BCS Championship game at Sun Life Stadium. 

Elgin Jones' report in the Times is based on the photograph at right, which first appeared on the Pulp after the Scott Rothstein scandal broke. It shows the sheriff with his arm around the Ponzi schemer. Also in the photo are Undersheriff Tom Wheeler and Lt. David Benjamin, the lieutenant under investigation for his involvement with Rothstein, whom Benjamin escorted through the airport when he fled for Morocco as his billion-dollar scheme was imploding.

Noticeable in the photograph is the fact that Lamberti's son, Nick, is wearing official credentials that mirror his father's. Interestingly, BSO never requested credentials for Nick Lamberti, leading to the question: How did the boy get the credentials? 

Looks like the sheriff gave his son credentials that weren't used by other deputies. 

It's all part of the FDLE investigation ongoing into the Super Bowl credentials, according to Jones. 

-- Unbelievable. Sylvia Poitier, after winning reelection, is trying to start a "defense fund" to sue Chaz Stevens, and she wants to know if that is legal. 

Now Poitier wants the same special interests who have been financing her campaigns to chip in for a lawsuit against an activist? 

What a disgrace is Poitier. 
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48 comments
Claytonwhitehouse
Claytonwhitehouse

Mike Wehherle and Dev Motwani is now putting Cafe Bluefish out of business. A business that has been there for 20 years. How ironic is it that Mr, Motwana is on the Broward Small Business Advisory when he is responsible for many small business closings. Very nice appointment Mr. Chip LeMaca, Ethics in government?

Chudzikiewiczherbchodkiewicz
Chudzikiewiczherbchodkiewicz

Really, crying because she was foreclosed. Hey, she took out the loan. The loan is supposed to be paid! What is going on is greedy, lazy property owners who spent the bloated value of their major asset are being made to pay what they owe. Of course elderly, or sick people, or those with medical problems deserve the protection of their homes, but an operator of a for profit business who greedily took out a loan and ....ed it away! NO WAY! Your sympathy is misplaced.

Champ Kind
Champ Kind

I can't fathom why someone willing to buy those crappy motels and remodel/upgrade them is a bad thing. My understanding is that these hotel/motels will stay the same basic size just get a lot nicer.

And it sucks for anyone in foreclosure. But this isn't exactly "suzzie homebuyer" who got misled by "the banks"...it's someone who bought a business based on cashflow, debt, etc. I personally can't wait to see that area made a little nicer.

parkland man
parkland man

Hey i seen alot of kiss me im irish shirts yesterday,and i seen alot of winnig shirts from charlie sheen,i think he lost his mind by the way,but i must say the best shirt i have ever seen is kick your lawyer in the balls.lol

Christy
Christy

Can someone explain to me why Eric Smith is sending in a staff of 3 next week to help him decide if a full fledged School board investigation is needed. Didn't the grand Jury ReportState the School Board should be abolished? What more needs to be established?

http://www.sun-sentinel.com/ne...

Anonymous
Anonymous

What really blows is that people that drink several alcoholic beverages per day are the ones that need to take a lot of NSAIDS in the first place for all of their hangovers!

PS - Eddie's a fraud.

My 2 cents worth
My 2 cents worth

Let's stop confusing aspirin with these other NSAIDs - tylenol, Aleve, naproxin. Aspirin if taken for a long time in large doses can result in internal bleeding. This may or may not be a big problem but it won't kill you outright. The others - my nurse friends tell me they are called "heart attack in a pill". I had a family member - who does not drink at all - take Aleve for a month or so. She didn't think they were serious about the "only 2 a day". She thought that was just a clever ad. She took 4 a day sometimes and it almost killed her. She ended up in the hospital with difficulty breathing and they said she was in heart failure. No one could figure out why she had such serious heart failure. She had high blood pressure that was being treated, andt no one had suggested she was headed for heart failure. Finally, someone asked what medications she might be taking. Thank heavens she recovered, but unfortunately is in heart failure now. So when Aleve commercials say you only need 2 a day instead of like the others where you might "need" 8 a day, what they really mean is you can't take more than 2 a day.

Eddie
Eddie

Christy and Bob;I decided to stop taking aspirin even though the doctor told me to. What should I do?Also Lieberman runs the transplants why would she tell the guy that died to pay $50,000? What was she going to do with the money? Will I need a transplant because of all the aspirin i have taken?Eddie

Banks are the Scapegoats
Banks are the Scapegoats

Please explain again how a bank can "squeeze" out some motel owner. It suspect the reality is that she hasn't made a loan payment in a few months.

Jack Carlo
Jack Carlo

Yep, nothing like more big hotels shading our once upon a time sunny beaches. Deal is this....if you're young, hip, single...you are STILL going to South Beach....there is actually a night life there...none here. If you have young kids...head to Orlando....nothing to do here after 2 scorching days on a beach or a rainy day. Fort Lauderdale has been so mixed up since Spring Break died.....at least there were post cards of wild and crazy Fort Lauderdale all over the world!!!! And movies were made about Spring Break too!!! Now? Big empty hotels....and no night life except Elbo Room and the 3-4 joints on the same block. Wow.

Christy
Christy

I've socialized with Par Sanda. He is much cuter than this picture. He has an adorable family. Is Par buying the properties for a company he works for or as an individual owner?He's a likable guy. Appears to have a heart. I am surprised to see him portrayed like this.

Glenn Wright got probabtion with $4,000 fine. No jail time. In SS.

DeathFrog3
DeathFrog3

My .02 I dont believe aspirin destroys the liver the same way tylenol does. Tylenol is actually very hard on the liver. It's a horrible way to die as well.

I questioned how Nick got into the game when we first learned of the Superbowl fiasco. We do know that no documents were falsified to him into the game. I would also add the credential that is visible in the photo is NOT the same as Lamberti's or Benji's, just look at them. Different color "badges" different shape of the images, etc.

Guest
Guest

Pulp. I'm of two minds here. When you say he's snapping up distressed properties, I would think that would be a good thing and what would come next is redevelopment of these properties into luxury hotels, upscale restaurants and beautification of the ocean front. If this is being done illegally at the Mom and Pops cozy hotel complexes then that's very wrong and investigations must be made to prevent an owner from losing their very much wanted property (assuming they are financially fit) Poitier is shady, but she should thank her lucky stars she's not being prosecuted and should drop any notion of suing Chaz(the vindictive crazy) .

Chaz is the man
Chaz is the man

Chaz clearly has little fear. Poitier is making him a celebrity.

Go Chaz Go.

B_tan
B_tan

Off topic but I need to vent: So Rick Scott's proposed budget cuts includes eliminating ALL middle school & high school extracurricular activities - all sports, including including football and music!!???!!!(There's an article in Huffington about it.)

Gator
Gator

Somewhat confusing, Pulp . . . are you alleging that Werkler and Sanda have done anything illegal, such as collusion with the banks to fraudulently force the motel owners into default on their mortgages?

Or is this just a situation where if they didn't buy the properties someone else would?

Eddie
Eddie

Bob and VirgilYou state that the guy died because his kidney gave out because he took eight over the counter anti- inflamatories. What was the name of the anti inflamatories. why did he take aspirin? I didn't know you could by anti inflamatories over the counter. Was the guy on drugs?

Also does Obama care provide dental care? I need new dentures would it pay for that. Also I had a tooth pulled for $235. The guy could get $235 dollars. Something doesn't sound right. Maybe the cops need to look into this.

I cried when I read your story about this guy dying. I need more facts. Did the tea party people kill this guy.

Eddie

Luther
Luther

Kentucky having a real test with Princeton

anonymous
anonymous

Lamberti clearly puts his son ahead of his job and the taxpayers safety. And morally, what about still have Benjamin and Wheeler on our payroll. Lamberti has to resign. Recall, anybody?

Randi Krotch
Randi Krotch

Nikki Grossperson gives a bad name to obesity!

Edhra1
Edhra1

Are you that stupid? Banks own this country and it s a- holes like you with blinders on that keep them in business and vote for their corporation buddies to take over everything they can....

soon to come
soon to come

I beg your pardon but I have 5 star reviews on my hotel and was NEVER later on a single payment to the bank and had a 820 Beacon. Due to the economy I did get into trouble and ask Landmark Bank to work with me, they tell me they have an appraisal coming in for 600,00, I owed 900,000, and the city lowered my assessed value from 860,000 to 454,000 so I am lead to believe my property is worth 550,000 to 600,000. (The city has now stated they made a mistake and taken the value back to 760,000. but the damages are done) I cashed in my IRA continued to make the payments until I believed it was worth half I paid for it and the bank said I had to get in the rears for them to do anything for me...Yes it is insider trading, bad faith banking and many more corrupt situations that is causing all the mom & pos to go out of business and be bought up by this group. Don't you find it strange most of these loans were Landmark Bank Loans? For Christ sake, I am 61 years old and never planned to leave here, I tried to work hard for 10 years to build my business for retirement and be able to take care of my future medical bills, and you have no sympathy, what is our world coming too. It is too late for me, but if I can help others from the hell I have been through this last year because of corruption and greed then it will all be worth it. There is no right anymore, it's all about money, power & greed and if we do not get back to honesty, truth and honor we are all at risk of losing our freedom, and without that, you have NOTHING.

Eddie
Eddie

I'm just an old guy that has taken aspirin as a blood thinner for years. Bob wrote an article about a guy that died because he took aspirin for a tooth ache. bob said it killed his liver and kidney and he died. Bobs story is either true or not true. I questioned the story because why didn't the guy just get the tooth pulled that only costs about $200. So I thought maybe the guy was really an alcoholic. Or he had something else wrong. Also you can get a transplant even if you have no money or so I thought. If Bob's story is true then maybe I'm in danger.

Etiher Bob is a liar or he's not. Bob needs to come clean. so far Bob has refused or neglected to address the inconsistencies in the story. but he always exposes crime so I will assume he was truthful in his story.

I am 79 years old. I have medicare insurance. I worked since I was 13 years old. I have fought in Korea. I live on a tight budget. I have buried a wife, and two sons. There is only me. I am very health conscious.

Maybe everyone needs health insurance. Maybe the tea party indirectly killed the guy. All I know is that I would love to see everyone have a house car college great schools food and everything else they want or desire. But if my property taxes go up one more cent I willneed to sell my house where i lived for 43 years. I grow a lot of my own food already. I don't have a car anymore. I could afford the insurance. Much less the gas prices. All these high fluten ideas are great except I can afford another penny.

Anyway maybe Bob saved my life because I am no longer taking the aspirin.

Lastly I will meet you to prove I exist if you want me too or I can send you a picture.Can I post a picture on this site?

Jones j. Jones
Jones j. Jones

You should be thankful there are folks like Chaz Stevens watching out for your interests.

Your Liver
Your Liver

I'll bet your BAT reading was higher than .02

Guest
Guest

I despise him. I knew this would happen.He will strip not only the schools but all amenities our State offers. We have to prevent this from happening. He will damage us and I mean all of us. Wait and see Tea Bagger puppets he'll hurt you too!

Pulp
Pulp

Gator, if I was alleging anybody had done anything illegal, I would have alleged it.

B_tan
B_tan

Certain otc pain-relievers are known anti-inflammatory agents. Ie. Naproxin & Aleve, Advil & Motrin.

Christy
Christy

My cousin had a liver transplant for taking to many aspirin.

Donking
Donking

I wonder how many borrowers that are current on their loans are being foreclosed on??? This is more of the woe is me bs. I am sure there is more to this story there always is. I doubt the bank would just slam the door in the borrowers face. They are a smaller community bank, not some mega bank. Sounds like this borrower quit paying to get a better deal and lost everything. It seems like the quicker these banks can flush the toilet on these types the better the market we be for the responsible people. If someone is buying property now they are smart you always want to be doing the opposite of the masses. Can't fault either of these investors. I am sure they will make a huge profit in the next few years. If you have issues with making a profit then you should leave this country. If you have issues with these investors buying up the beach. Then you should get some money and make a higher bid then them and block them from doing what they are doing. If not sit back and watch capitalism work it's wonders. Only in America.

Banks are the Scapegoats
Banks are the Scapegoats

Where exactly is this "bad faith banking" of which you allege? You owe $900,000 on a property that is appraised at $600,000. If you don't pay another penny, guess who has to eat the $300,000? Not you. That's right, the bank. What does "I had to get in the rears for them to do anything for me" mean? Does this mean that you had to (gasp!) get current on your loan in order for something else to be worked out? Is that the bad faith of which you speak? It would seem to me that you're not showing "good faith" by getting yourself current with the lender. Furthermore, please elaborate on the "insider trading." Are you alleging that a bank would get a fee or kickback from a developer to foreclose on a borrower? Do you really think that a vulture capitalist would swoop in to pay the bank $900,000 for your property (the alleged break-even on the loan). Exactly where is the benefit to the bank in this "insider trading"? BTW, why don't you simply take your 5-star hotel and 820 beacon to another bank in town and borrow money from them to take out the current lender? Certainly there are other local banks who would be happy to have your business. No? What a great way to foil those insider-trading lenders and evil developers all in one master stroke! What am I missing?

Gatorfl
Gatorfl

Eddie,

Bob didn't write the article about the guy who died from the toothache. Eve Samples wrote it for TC Palm. The problem with the article is that it was written in such a slanted manner. Yes, it is a tragedy the guy died. It is terrible his family will have to live without him. He died because of a multitude of bad decisions on his part though. Bob's error was he capitalized on a poorly written article to grandstand about the lack of nationalized healthcare in the USA.

I like Bob and many of his articles. But in his anti-right crusade I've noticed one thing lacking in his posts. Refutatation. It would be nice if he could approach certain subjects as a true journalist rather than a blogger. He does a pretty good job on the crime posts with the refutation, just not the political ones,

Eddie--listen to your doctor about the aspirin. If you're recommended to take it please don't stop. If you're on a fixed income and need some aspirin and can't afford it I will take you to Target/CVS/Walgreens and get you a year's supply at my cost. Let me know.

Gator
Gator

So, then what's the point?

Eddie
Eddie

to the pulp readers, bob christy virgilthe article says that he was the life of the party. Does this mean the guy drank to much. he was also depressed maybe he was drinking and doing aspirin at the same time and this killed his liver.

I take aspirin per my doctor for a heart condition. Am I in serious danger of dying. Christys brother is dead. Christy did he have insurance? Did the tea party people kill him indirectly?Eddie

I have medicare do I need to see a liver doctor?

B_tan
B_tan

Wow, really? How scary. So many of us take pain-relievers at the drop of a hat... So sorry to hear.

Banks are the Scapegoats
Banks are the Scapegoats

In response to LibertyBelle below, please enlighten us as to how some bank with alleged developer relationships and links to local officials can possibly defraud a borrower who is CURRENT with his or her loan. It is a contract. Are you stating that the bank breached the contract? If so, please explain. If the bank met its obligations yet the borrower did not, then perhaps you should point your venom at the breaching party instead of the party that held up its end of the deal. Again, where is the fraud? Please explain.

LibertyBelle
LibertyBelle

Sticky keys on the computer... "I guess what doesn't other's being defrauded doesn't bother you unless it hits YOUR retirement plans?" should read: I guess other's being defrauded doesn't bother you, unless it hits YOUR retirement plans?

LibertyBelle
LibertyBelle

If people would actually do the research with regard to Landmark's longstanding relationship with Wek and his partner's business dealings, rather than pontificate uninformed opinions and/or allege misdeeds on the part of the 20+ 'mom & pop' hotels that 'Wek et al' have appropirated using a least one 'insider' at Landmark with ties to local offiicals, your eyes would be opened to the Truth about the fraud being perpetrated against your fellow citizens. I guess what doesn't other's being defrauded doesn't bother you unless it hits YOUR retirement plans? I'm blessed you are not my neighbors!

Wiselady
Wiselady

The article does not state Wek or Sanda bought any properties from Landmark or that Wek or Sanda bought anything formerly owned by the weeping deadbeat ( BTW it's "be in arrears" not "get in the rears" which will happen at Sand's place)

This borrower owes the bank $900,000 less what is recovered if any sales occurs / ed also not clear. The bank has a duty to recover the full amount. Further even the FDIC if it takes over a bank (WHICH IS NOT AND DID NOT HAPPEN AT LANDMARK ) has an obligation to pursue the borrower and the officers of the failed bank. Maybe Pulp should pay her bill if he feels obligated, I don't. But we are all paying for these and the thousands of others who borrowed more than they could handle. About 6% of loans have failed which has put us in this crisis , yes the banks were stupid for lending them the money but the borrowers promised to pay back the money, not you and me.

It is misleading for Pulp to throw out 3 stories as if they are related but not specifically stating such. Further anyone who has drive the road 2 blocks off the beach knows there are still dozens of buildings that are vacant and dangerous and need help like that of Wek and Sanda.

Banks are the Scapegoats
Banks are the Scapegoats

Futhermore, Pulp, you state that a bank in town is "squeezing" a weeping motel owner. I'd be curious to know how many loan payments she has missed and how many portions of her mortgage that she's breached. If she's meeting the terms of her relationship, no bank in this state would chase her off or attempt to "squeeze" her. Good loans are hard to find. Please explain how such "unsafe and unsound" practices could lead to this woman's eviction. On second thought, don't bother. Why pass on the opportunity to demonize banks in South Florida and take as gospel the words of some woman who has likely defaulted on her obligations?

Virgil Starkwell
Virgil Starkwell

Goldy:

Absolutely stay away from anti-inflamatories! I refer you to 'The Google'".

Goldilocks
Goldilocks

Seriously, Christy. If you have any information on it, I would appreciate if you would relay it. Thanks!

Goldilocks
Goldilocks

Christy, What about ibuprofin? That is my pain reliever of choice.

Christy
Christy

It was my cousin and she had a liver transplant. She is still alive and doing well with her new liver. Can you take baby aspirin?

"Nevertheless, acetaminophen overdose is one the most common causes of OTC drug poisoning in the United States and Britain. More than 30,000 cases per year of acetaminophen overdose are reported to the American Association of Poison Control Centers (Bartlett D 2004). It is a leading cause of liver failure in the Western world and the leading cause of drug-induced liver failure in the United States (Bartlett D 2004).

People who have liver disorders or who consume large amounts of alcohol are advised to avoid acetaminophen, which can damage both the kidneys and the liver, even at therapeutic doses (Bromer MQ et al 2003). People who use acetaminophen on a regular basis double their risk of kidney cancer (Kaye JA et al 2001; Gago-Dominguez M et al 1999; Derby LE et al 1996)."

http://www.lef.org/protocols/a...

B_tan
B_tan

Christy, A topical MD-prescribed NSAID that I've used occasionally for sports injuries is called Volteren Gel (or Creme? I forget which). It's just a few yrs old I think, a bit pricey but a good alternative.

Christy
Christy

Ironically I was searching for ibuprofen creme/gel today to reduce someones inflammation.Apply Topically. Instead of oral injestion. (easier on stomach) Very difficult to find in stores. Finally found, creme contains 10% ibuprofen. France has this in many stores but not easy to find in U.S.

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