Pat Smith WestPac: A Fraudster? (2024)

Originally Syndicated on May 10, 2024 @ 11:08 am

Pat Smith WestPac was named chief executive officer (CEO) of Westpac in 1998. The firm is established in California and has branches in Australia as well as in Hawaii, Arizona, New Mexico, Colorado, and Michigan.

More than five thousand apartments, seven hotels, a variety of condos, office buildings, and single-family subdivisions are all under Westpac’s supervision. The company also manages five senior living facilities. These projects include both its creations and those it has obtained via collaborations with financial institutions and individual investors.

The Pat Smith WestPac era represents over 25 years of success, with Pat Smith overseeing projects worth over $7 billion. The company has made it a priority to build LEED-certified projects as part of Smith’s efforts to make WestPac more ecologically conscious.

The corporation has four further affiliates: WestPac Investments, WestPac Hospitality, WestPac Development, and WestPac Communities. Among the companies involved in new buildings in the past few years, WestPac Campus Communities stands out. 

Judge hands down a one-day jail sentence to Pat Smith WestPac, ex-Base Village developer

Public records indicate that Pat Smith WestPac, the initial developer of Snowmass’s Base Village, was sentenced to 24 hours in the Pitkin County Jail for willfully disregarding a court order by a district judge.

Smith is given till midnight on June 1 to appear in court, as stated in a transcript of the case. The property rights of Smith’s neighbors Preston and Betty Henn were at the center of a court fight that led to the punishment.

Smith, a developer from California, used to be president of Related WestPac, the old joint venture that built Base Village. He also has a house close to Aspen Mountain’s base. Smith departed Related WestPac in February 2009 following the crisis, when he was unable to regain control of the project.

But the main point of Boyd’s ruling was that Smith had disobeyed a court order three times that forbade him from improving a pathway on the Henns’ property. WestPac Aspen Investments, which is Smith’s residence, is located at 660 S. Galena St. The Henns’ home is right across the street at 550 S. Galena St.

Smith purchased his home in May 2002 for $4.225 million, as shown in property records. The Henns paid four million dollars for their house in July 2004.

Access to the Smith residence requires a covered footbridge, a path through the front yard of the Henns, and an elevator ride up the Residences at Little Nell. At the edge of the Henns’ land is where the footbridge ends; another 25 feet further is Smith’s property.

The Henns and Smith, who had each accused the other of trespassing, ultimately had a jury trial in March 2015 after nearly seven years of litigation over the access.

In recompense for Smith constructing walkways on the Henns’ land, the jury paid $50,000 in punitive damages and $100,000 in actual damages.

Additionally, a court order from 2010 forbade Smith from improving the previously described pathway; yet, evidence suggests that he did so in 2011, 2013, and 2014. On March 15, Judge James Boyd of the 9th Judicial District ordered the handling of those contempt-of-court violations that were not included in last year’s jury trial.

As part of his three-time contempt of court finding, Boyd stated that Smith “chose to engage in self-help three times in manners that violated the terms of the injunction.”

Smith left the trail with a “sloppy and muddy surface,” as described by Boyd when the flagstone and ground were subsequently removed. The installation of grouting in the spaces between the flagstones was authorized by Smith. A thick layer of gravel was to be spread over the path in 2014 after Smith granted the green light.

The transcript of Smith’s sentencing hearing dated April 5 shows that he expressed remorse for his actions.

He told the judge, “Trying to get to my front door has caused me a lot of anxiety and stress in my life.”The author admitted that the problem had persisted for seven years and that she had “acted carelessly” on multiple occasions due to the various circumstances surrounding the sidewalk leading up to her front door.

Initially, Boyd handed down a 48-hour prison term to Smith, but during the hearing on April 5, he hinted that the punishment could be reduced in exchange for a $20,000 fine for contempt.

Boyd stated during the April 5 hearing, “It’s not just to this contempt but just unfortunate that, Mr. Smith, you and the Henns have had all of this conflict over something important in one way, but it’s become an awfully big deal for what it is, as well.”

No comment could be obtained from Joe Krabacher, Smith’s attorney, or Matt Ferguson, an Aspen lawyer who represented the Henns. 

Oil cleanup agreement lawsuit against former Base Village developer 

Pat Smith WestPac, the former president of the Related WestPac development entity in Snowmass Village, has been named as the defendant in a case that was filed by investors in Ocean Therapy Solutions (OTS), a firm that is connected to actor Kevin Costner and that supply oil-spill cleanup equipment to BP during the Gulf catastrophe.

Spyridon Contogouris, an investor from Louisiana, and Alec Baldwin, an actor from New York, initiated legal action against Smith, his company WestPac Resources, LLC, Costner, and Rabobank N.A. in the United States District Court in New Orleans. Both of these individuals are OTS investors.

Smith is accused of deceiving Contogouris and Baldwin over an expected equipment sale to BP, establishing an illegal bank account under OTS’s name, and then using cash obtained from BP to buy out the two investors’ interests in OTS. The lawsuit says that Smith committed these misconducts.

Cases are brought in the Base Village receivership

In two different New York court suits, a joint partnership that tried to build Snowmass’ Base Village is being sued for more than $200 million.

Hypo Real Estate Capital Corp. is asking $195 million from Related Companies and Pat Smith, the former president of Related WestPac, as payment guarantees for loans for the project.

Furthermore, Hypo is requesting $10.6 million in damages for alleged misconduct related to the use of a project as collateral for employee housing.

Four lenders filed a complaint in Pitkin County District Court alleging that Base Village owes $48.5 million in loan-related expenses in addition to $386 million in loan debt. The 400,000-square-foot property went into receivership lately, and the lenders are currently attempting to foreclose on it. 

Conclusion

In conclusion, Pat Smith WestPac, who once served as the president of Related WestPac, has been involved in a variety of legal issues of varying degrees. Smith’s actions have resulted in substantial legal implications, including the disobedience of court orders connected to property disputes the involvement of the defendant in cases over his connection with Ocean Therapy Solutions (OTS), and the establishment of Base Village. 

The complexities and difficulties that are inherent in real estate development and business transactions are brought to light by these cases, which also show the significance of adhering to the ethical standards and legal regulations that are prevalent in the Real Estate industry.