BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow...

BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? Area police are investigating a builder who promised to construct several half-million-dollar homes for buyers in Winchester and Frederick County, but allegedly failed to follow through. The Frederick County Sheriff's Office and the Winchester Police Department are trying to determine whether Gary Grimm, a Chantilly-based builder, committed construction fraud when he did not complete work on the homes. Grimm, through his company G&M Homes, sold empty lots on Clayton Ridge Drive in the Meadow Branch subdivision of Winchester, and on Union View Lane off Glendobbin Road in Frederick County. Buyers signed contracts with Grimm and paid deposits for their custom homes, many of which cost $450,000 to $550,000, according to records in local courts. Grimm finished an undetermined number of the houses, but work was interrupted on nearly two dozen others months into the construction, owners said. Subcontractors who worked on the G&M homes said they were not paid for their work or building materials, with bills ranging from about $1,000 to more than $59,000, according to court documents. At least seven addresses in Frederick County and 16 addresses in Winchester have at least one G&M Homes-affiliated lien. Several homeowners are fighting the liens with attorneys, and some of the liens have been released. Two of the homeowners who were allegedly affected by Grimm’s business practices filed civil lawsuits in Winchester Circuit Court, alleging that Grimm broke the contracts to build their houses, committed fraud, violated the Virginia Consumer Protection Act, and used money for the construction of their houses for other purposes — specifically Grimm’s personal use. One of those lawsuits, from siblings Jerome and Christine Fasano, has been dropped for now, according to court records. Their Fairfax-based attorney, Daniel Rathbun, filed a no-suit motion, according to the court file. That court file now includes a notice that Grimm and one of his building companies, G&M Homes LLC Number Three, have filed for protection in the U. S. Bankruptcy Court for the Eastern District of Virginia. The content on this site is provided as general information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a position in any company or advertiser referenced above. Any action that you take as a result of information, analysis, or advertisement on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions.