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Frank D'Alessandro, the southwest Florida developer who partnered with three now-failed credit unions in a multi-billion dollar land speculation was found floating in the ocean last week, the victim of an apparent accidental drowning.
D'Alessandro, 52, who was staying in an oceanfront home while visiting his ailing mother, was in the habit of taking nighttime kayak trips in the ocean, according to police. His orange kayak was found overturned miles away last Monday morning, five days after his mother notified police he was late for a lunch date.
Despite an intensive air and sea search conducted by the Coast Guard, D'Alessandro's body was not found until a passing boat crew spotted it floating in the sea.
The Florida developer was a partner in D'Alessandro and Woodyard Commercial Realtors, which helped originate a plan to sell pre- leased homes to thousands of investors that were financed in partnership with Norlarco CU, Huron River Area CU and New Horizons Community FCU, which...