Unaccredited investor alleges borrower, guarantor owe $40,000

By Philip Gonzales | Jun 28, 2018

CLEARWATER — An Alabama man is suing a borrower and guarantor, alleging breach of promissory note and conversion.

CLEARWATER — An Alabama man is suing a borrower and guarantor, alleging breach of promissory note and conversion.

William J. Rodatz of Montgomery, Alabama, filed a complaint June 12 in Pinellas Circuit Court against Clanton Sunrise Developers LLC and Peggy L. Hodge, alleging they falsely represented that the proceeds from the investment would be used to acquire land in the Clanton, Alabama, area and construct a living facility for veterans.

According to the complaint, in February 2015, in Montgomery, Alabama, the defendants offered to sell to Rodatz  through a subscription agreement, investments in the amount of $40,000. 

As a result of the defendants' breach of contract, the suit says, Rodatz has been damaged for the unpaid loan of $40,000, accrued interest in the sum of $13,000 and attorney fees of $12,750. 

The plaintiff alleges Clanton Sunrise Developers and Hodge failed or refused to provide detailed information regarding the use of the investment proceeds, the status of the project and failed to repay any part of the investment loaned by the plaintiff.

Rodatz seeks trial by jury, damages of $40,000, plus interest, court costs and all and proper relief. He is represented by attorney John N. Pappanastos of The Pappanastos Law Firm in Lady Lake.

Pinellas Circuit Court case number 18-C-3890

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6th Judicial Circuit of Florida - Pinellas County The Pappanastos Law Firm

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