A lawsuit has been filed against Germán Coto, developer of the Aston Martin Residences in Miami, alleging that he and associates misappropriated millions of dollars from condo owners. The 300 Biscayne Boulevard Way Condo Association claims that Coto orchestrated a complex scheme using contracts with vendors closely connected to him.
The complaint, submitted to Miami-Dade Circuit Court, accuses Coto and his network of business entities, as well as family members and associates, of self-dealing, fraud, breach of fiduciary duty, and violating Florida’s Condominium Act. The association asserts that these actions resulted in incomplete records and long-term financial damage to the building.
The suit seeks over $5 million in damages. Michael Diaz Jr., attorney and president of the condo association board, stated: “The condo association hired lawyers and forensic accountants ‘to uncover a lot of self-dealing, a lot of theft and a lot of manipulation by the management company to benefit the developer at the financial expense of the owners and the association.’”
Among the allegations are inflated or false invoices for cleaning, security services, water-damage repairs, payments for concierge services not rendered, and $70,000 paid for rent on an office used as a sales center by Coto. The complaint also states that this lease was approved without proper board approval or disclosure.
The Aston Martin Residences tower was completed in April 2024 through G&G Business Developments—Coto’s firm—in partnership with British automaker Aston Martin. The development had a reported sellout value exceeding $1 billion for its 391 units.
Buyers were promised amenities such as a marina and helipad along with responsible governance but allegedly found missing amenities and a board run by the developer accused of misusing funds.
Other named defendants include Gloria Garcia (Coto’s mother), former association officers Marcelo Scarinci and Guillermo Cacagno (both employees of G&G), Leonardo Polo (manager of contracted security firm), and Maria Eliana Polo (manager at cleaning services company). Some defendants did not respond to requests for comment.
Allegations extend to contract approvals made without competitive bidding or board votes. For example, Scarinci is said to have authorized leasing agreements between association entities controlled by Coto. Additionally, repair work related to water damage was assigned to GC Builders—Coto’s contracting firm—without standard procedures or clear documentation.
Another accusation involves payment for concierge services allegedly never provided; International Booking received monthly payments despite lack of detailed invoices or documented approval. When this contract was terminated by new leadership last year, International Booking sued seeking further compensation.
Security contracts were awarded to firms with no experience or track record according to the lawsuit. Cleaning contracts were also awarded without competitive bids or supporting documentation for extra charges billed.
Ariella Gutman—the condo association’s attorney—commented: “They took every financial advantage they could … there was nobody who was independent and that was not related to the main entities that developed this building.”
Coto’s attorney Lewis Conwell declined comment on behalf of his client pending review of the complaint.
