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Paul, David L.

NUGGET #16

Paul, David L. (1940-) was the developer of Casagmo (q.v.) and Fox Hill condominium projects; from New York City; was 27 years old when he began Casagmo, 1967-8, originally built as apartments; Fox Hill contained town’s first condominiums, then an experiment; in 1980, he proposed 224 on 59 acres across Danbury Road from Fox Hill; Planning and Zoning Commission rejected the plan and the site is now part of Ridgefield Recreation Center (q.v.); in 1983, bought nearly bankrupt Dade Savings and Loan Association, renaming it CenTrust Bank; hired I.M. Pei to design $90-million CenTrust Tower; by 1988, CenTrust was the largest thrift institution in the southeastern US with $8.2 billion in assets, but in 1989, it lost $119 million and in 1990, $1.7 billion; seized by the federal government which charged “excessive and inappropriate expenses and investments”; Paul convicted in 1993 of 68 counts of fraud, misappropriation of funds, and filing false tax returns; sentenced to 11 years prison and ordered to pay $65 million; released 2004.

From Jack Sanders, Ridgefield Names.

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