A Treasure Island woman is suing a St. Petersburg real estate developer for taking her half of an investment and not repaying it.
According to documents filed in the case, Lynn Savoia, a former purchasing manager for the company Formulated Solutions, entered into a joint venture with Shawn Loyden. Each party was supposed to kick in $40,000 to a local businessman at an annual interest rate of 12 percent.
But Loyden allegedly failed to keep up his end of the bargain by failing to contribute his half of the $80,000 investment. To make matters worse, Savoia accuses Loyden of forging a promissory note and other documents to make it look like he had invested his own money and most of the agreed upon $80,000.
Savoia’s money was loaned to James Travis Wilkinson. The Clearwater man allegedly planned to use the funding to refinance Berry Beautiful Salon & Spa in Clearwater. That business has since closed and been replaced with the Clearwater Salon & Spa. It’s unclear whether Wilkinson is affiliated with that business.
According to the lawsuit, however, Wilkinson did repay his loan but that money was never passed along to Savoia.
She is seeking $78,400 in damages including repayment of principal and interest and attorney’s fees.
According to both Savoia’s LinkedIn and Facebook pages she is no longer employed. She lists herself as a student at LaSalle Computer Learning Center in Tampa studying project management. Her bio indicates she has been there since December after having left her position at Formulated Solutions after two years on the job. Prior to that, Savoia indicated she was also a purchasing manager at Alfa Laval Champ in Sarasota for 10 months.
Loyden is now listed as the vice president of acquisitions for TDL Capital Investment. He’s listed on the company’s website as the sole contact for the Florida office. There are offices also located in the company’s Arizona headquarters and in Tennessee.
