Punta Gorda, Fl
Jonathan Larmore and his real estate investment firm, ArciTerra, face federal charges from the SEC, accused of a $35 million fraud scheme involving the misappropriation of investor funds. Larmore, the former owner of Fishermen’s Village, has experienced a tumultuous 2023, marked by local opposition to his development plans and foreclosure proceedings against Fishermen’s Village.
The SEC alleges that since January 2017, Larmore and ArciTerra misused over $35 million from private real estate funds for personal expenses, including a lavish lifestyle with private jets, yachts, and expensive residences. Similar allegations were made in a civil lawsuit filed in May, accusing Larmore of using company funds for luxury assets and a six-figure birthday party for a family dog.
ArciTerra, with 83 properties in 24 states, raised $187 million from over 2,000 investors, but no dividends have been paid since 2019. Larmore attempted to sell assets amid a divorce settlement but is now facing allegations of attempting stock manipulation through false press releases about WeWork.
Federal authorities seek injunctive relief, the appointment of a receiver, disgorgement, prejudgment interest, civil penalties, and other relief. The SEC investigation is ongoing. Larmore’s attorney has not responded to requests for comment.