By Regine Sarah Capungan
A Foxborough real estate developer has repaid $525,000 to more than a dozen home buyers for advances he took for new homes he never built, according to the state Attorney General’s office.
Michael Intoccia allegedly took up to $55,300 each from buyers to build a 29-home development called Bella Estates in Sharon even though construction was prohibited in the area. After his company did not build the homes by promised deadlines, Intoccia refused to reimburse the buyers, according to a press release by the Attorney General's office.
Intoccia also agreed to an additional $100,000 judgment, with $30,000 paid to the Commonwealth and the rest suspended as long as he complies with the terms of the judgment.
“This developer took thousands of dollars in advance payments from new homebuyers for houses he never delivered,” Attorney General Martha Coakley said in a press release. “We are pleased that this settlement ensures that all affected consumers have received restitution, and that the developer can no longer accept unprotected deposits in the future.”
Coakley's office temporarily suspended Intoccia from accepting advanced payments from consumers, unless their money was put into an escrow account. He is now prohibited permanently from taking any unprotected advance deposits.
Intoccia said that he fulfilled his promises to consumers upon the settlement of his case.
“On the day that the Attorney General’s Office filed the civil action in my case, I assured those involved that my goal had been and remained to facilitate where possible the completion of the homes that were planned or to reimburse my customers for the deposits they paid to my companies,” Intoccia said. With the settlement "I have now been able to complete what I promised.”