Plaintiffs withdraw suit, apologize to golf developer

NAPLES — Four members of The Golf Club at Fiddler's Creek have agreed to dismiss their lawsuit against developer Aubrey Ferrao and make a public apology, a release from Fiddler's Creek says.

In April 2010, Matthew Suffoletto, Raymond David, Steven Taub and Stephen Shulman filed a lawsuit against Ferrao, CEO of the Gulf Bay Group of Cos., in which they accused him of embezzling $10 million in initiation fees. The plaintiffs argued that Ferrao took membership fees that should have been held in escrow and transferred them to another entity he controlled.

The lawsuit was just one of several after Fiddler's Creek and several related companies filed for Chapter 11 bankruptcy protection in early 2010. According to the letter of apology, a federal judge ruled in favor of Ferrao in a separate litigation, determining that “Mr. Ferrao did not receive or benefit from any of the initiation deposits paid by the members of the Gold Club.”

The class-action lawsuit filed by the group has now been withdrawn with prejudice, which means the same lawsuit cannot be filed again.

In addition, the plaintiffs and their attorneys, Glenn Vician and Robert Stochel of Indiana, and Eric Vasquez of Naples, have issued a written public apology to Ferrao. They have also paid to have the apology letter published in Southwest Florida media and will pay “substantial monies” in the settlement, according to the release from Fiddler's Creek.

“This has always been about restoring his impeccable reputation,” Joseph Parisi, attorney for Ferrao, says in a the release. “The letter was certainly more important than obtaining money in a settlement.”

Fiddler's Creek is a nearly 4,000-acre community located off Collier Boulevard between Naples and Marco Island.
To see the apology letter click here.