Ibiza’s developers face state allegations
By Jim Weiker
The Columbus Dispatch Wednesday February 8, 2012 6:44 AM
The Ohio Division of Securities has accused the developers of a major Short North condominium project of lying to investors and improperly distributing funds to themselves.
An attorney for the developers denied the allegations and said he plans to dispute them.
The allegations are the latest twist in the six-year saga of Ibiza, a proposed 11-story, 135-unit condominium at Hubbard and High streets.
The securities division accuses developer Apex Realty Enterprises of lying to potential investors in 2006 by stating that 120 of the 135 condominium units had been sold for a total of $68 million.
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