Bail reduced for father-son accused of extortion

Bruce and Shawn Chait, the father and son developers accused of extorting a real estate rival out of more than $500,000 in exchange for their silence about the environmental hazards of his property, had their bond cut to just over $1 million each Tuesday.

The Chaits are facing anywhere from 12 years to the rest of their lives in prison, accused of forcing rival developer Arnaud Karsenti, owner of 13th Floor Investments, to fork over payments in exchange for withholding evidence that Tamarac land owned by 13th Floor is environmentally tainted.

No evidence of such tainting has been presented, but attorneys for Bruce Chait, 72, and his son Shawn, 47, implied at a hearing Tuesday that the evidence exists and will be a part of their defense against the extortion allegations.

Bond for the Chaits was originally set at $10.5 million each. Broward Circuit Judge Edward Merrigan lowered it by 90 percent

each, to $1,050,000.

Karsenti issued a statement after the Chaits were charged, denying anything was wrong with his property. “13th Floor Homes undertook the appropriate regulatory review process and ... went through countless rounds of environmental testing, and only began transferring ownership of homes once the land met all applicable regulatory standards and earned a clean bill of health from Broward County and independent engineers,” he said in his written statement. “As a result of our extensive efforts hand-in-hand with Broward County, the Manor Parc property is safe for residential living, and any claim to the contrary is unfounded and frivolous.”

Prosecutors say the Chaits were behind two lawsuits filed against Karsenti alleging environmental problems at their Tamarac properties, and attorneys for the Chaits say no counteractions have been filed alleging those lawsuits have no legal merit.

The property at the center of the dispute was once owned by the Chaits but was purchased by Karsenti through the financial institution that held the note on the Chaits’ mortgage, according to prosecutors. It was also the subject of multiple corruption allegations against public officials accused of taking money from the Chaits in exchange for permit and other land use approvals.