week of 11/5/08
 
 
 
  A shady past
SMN


The foreclosure suit involving 13 property owners in a subdivision outside Cashiers includes a colorful cast of characters.

The subdivision in question, the Hampton Springs Resort at Wade Hampton Horizon Estates development about 10 miles north of Cashiers, has ties to Domenic Rabuffo, a former New York electrical contractor whose business partner, Irwin “Fat Man” Schiff, was gunned down in a 1987 mob hit at Bravo Sergio, an Italian restaurant in Manhattan, according to an article in the St. Petersburg (Fla.) Times reprinted with permission by The Smoky Mountain News.

Rabuffo and Schiff were accused of masterminding a $49-million mortgage fraud, according to the St. Petersburg Times article. Rabuffo pleaded guilty, entered the witness protection program for a year and served a brief prison sentence, according to the article.

Yolanda Serrano of Brevard County, Fla. who has pleaded guilty in federal court in Orlando to embezzling $12.5 million from her employer, Southeast Petro Distributors of Melbourne, used some of the stolen money to buy eight lots in the development, according to the St. Petersburg Times. Her case was not among those heard in Superior Court on Friday.