In my 2016 preview, I discussed an apparent fraud involving a Stamford based real estate firm that recently filed for bankruptcy. There is so much open discussion about this issue around town that I decided to be more specific based on the details being talked about.
The firm that filed for bankruptcy is Seaboard Properties. It was run by John DiMenna of Darien. People say that DiMenna has run off to Florida perhaps because it may be easier to protect his residence there. The word is that there is $55 million missing and law enforcement has entered the picture which probably means the FBI. DiMenna’s partners have called in forensic accountants but if the FBI is involved we are talking about a quantum leap in the investigation.
Now here comes the really juicy part. The rumor is that 131 members of Wee Burn were investors in this troubled real estate company. Even worse, the word is that 18 Wee Burn members “lost everything.” I don’t know if “lost everything” is literally true or it just means “lost a ton.” In time, we will know much more.
If all of this is true, what is a country club to do? Perhaps there will be a full court press to get its taxes reduced. Maybe it’s time for Wee Burn members to back major real estate developments in Darien? Is it possible that, at least in the case of Wee Burn, IQ is inversely correlated to wealth?