TACOMA, WA-Two local residents falsely led people living on Ketron Island to believe they were building an upscale residential community and a destination hotel there. But in reality, a judge has decided, the pair bilked the unsuspecting property owners out of roughly $2 million.
U.S. District Court Judge Jack E. Tanner has ruled that Charles Fain Jr., 54, and Catherine Cooley, 57, were guilty of a scheme on Ketron Island that involved 20 people. Ketron Island sits between Steilacoom and Anderson Island in Pierce County.
Fain and Cooley promoted a real estate investment and development project on the island, which they intended to develop into an upscale residential community with a golf course, destination hotel, marina and improved ferry service, according to court records.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
