Plaintiffs withdraw suit, apologize to golf developer

NAPLES — Four members of The Golf Club at Fiddler's Creek have agreed to dismiss their lawsuit against developer Aubrey Ferrao and make a public apology, a release from Fiddler's Creek says.

In April 2010, Matthew Suffoletto, Raymond David, Steven Taub and Stephen Shulman filed a lawsuit against Ferrao, CEO of the Gulf Bay Group of Cos., in which they accused him of embezzling $10 million in initiation fees. The plaintiffs argued that Ferrao took membership fees that should have been held in escrow and transferred them to another entity he controlled.

The lawsuit was just one of several after Fiddler's Creek and several related companies filed for Chapter 11 bankruptcy protection in early 2010. According to the letter of apology, a federal judge ruled in favor of Ferrao in a separate litigation, determining that “Mr. Ferrao did not receive or benefit from any of the initiation deposits paid by the members of the Gold Club.”