Jonathan Larmore, CEO of ArciTerra Companies LLC, which owns Fishermen’s Village in Punta Gorda and numerous shopping malls nationwide, lost control of his various investment entities when the Security and Exchange Commission on Dec. 21 obtained an order to appoint a receiver.
Not included in the December receivership is Fishermen’s Village, which in October was placed in a separate receivership, confirmed Kathy Burnham, marketing and events manager of the popular tourist attraction comprising numerous shops, restaurants, a large marina and King Fisher Fleet that operates tour boats on the Peace River and Charlotte Harbor.
Jonathan Larmore
In addition to not being able to manage his holdings, certain assets of Larmore and his related entities will be frozen as well, according to the decision.
The action follows a Nov. 28 SEC complaint filed in U.S. District Court in Arizona, alleging that “since at least January 2017 Larmore and certain charged entities misappropriated more than $35 million from private real estate funds and other investment vehicles that ArciTerra managed. Larmore allegedly used a substantial portion of the misappropriated funds to pay for his family members’ personal expenses and to fund a lavish lifestyle of private jets, yachts and expensive residences,” reads part of the complaint.
Others named in the complaint are Larmore’s ex-wife, Michelle Larmore, his mother, Marcia Larmore, and nine companies owned by Larmore and his family.
According to the complaint, from “at least 2017 through the present, Defendant Jonathan Moynahan Larmore has siphoned tens of millions of dollars from investment funds and entities related to ArciTerra Companies LLC for his personal enrichment and other unauthorized uses.”
Beginning in 2006, Larmore and ArciTerra raised approximately $45 million from 1,045 investors for two private funds to which Larmore owned fiduciary duties, according to the complaint.
In related documents, investors complained that properties ArciTerra owned were not cared for and became run down. It was Larmore’s duty as a fiduciary to safeguard investors’ funds and to wisely use the investments.
Larmore sparked controversy in the summer of 2022 when he planned a massive expansion of Fishermen’s Village by adding tall buildings, including a hotel and condominiums.
This drew the ire from local residents who lived nearby. Some of the families have roots in the city of Punta Gorda that go back many generations. Together, they formed a group whose aim was to prevent Punta Gorda from being able to build tall condos and hotels.
The controversy spilled over into politics, and Debi Lux, a local dentist, ran for a city council seat on the platform of keeping Punta Gorda’s small-town charm, prohibiting tall buildings. She defeated the incumbent Mark Kuharski in the Nov. 7 election.
An SEC spokesman said a preliminary injunction hearing will be held Feb. 27.
