A couple who were swindled out of their life savings recovered $35,000 in court this week, marking the first time that fraud convict Derick Coles has been forced to pay back some of the $4.2 million he stole.
Coles, 65, is a British immigrant who moved to Sarasota in 1994 and ran a business, New Horizons Group, that offered to help Britons get visas available to those who invest in American businesses.
His clients invested hundreds of thousands of dollars with Coles. The money was supposed to be kept in an escrow account while their immigration paperwork was pending.
But instead Coles had put the money into his business checking account, which he emptied in 2008.
Christopher and Clementina Durkin, Scottish immigrants who live on Lido Key, lost $211,000. They were among 20 former investors who lost sums ranging from $79,000 to $530,000, court records show.
After Coles was convicted of wire fraud and sentenced to six years in prison in February, the Durkins went after $35,000 that Coles had posted as bail.
His wife, Elizabeth Coles, appeared in court Wednesday to claim the money. But she had missed a filing deadline and Circuit Judge Becky Titus awarded the money to the Durkins.
“It was obviously some measure of justice,” said Thomas Shults, attorney for the Durkins. “It was possible that money could have ended up back with the Coles family, which certainly would not have been a just result.”
The Durkins have fared better than most of Coles' former clients.
Beside the $35,000 in bail money, the Durkins have recovered $180,000 by reaching settlements with two law firms that worked with Coles, Shults said.