ST. AUGUSTINE, Fla. — "It's shocking. It's disturbing," said Sandy Yawn, one of the alleged victims of home builder Spencer Calvert. She is reading the report from the State Attorney's Certified Fraud Examiner and Certified Crime Forensic Examiner, T.C. McIntosh.
Yawn, known as 'Captain Sandy,' is the reality TV star of "Below Deck Mediterranean." Her fans – millions around the world – are following her story of trying to build a home in Nocatee in Ponte Vedra, Florida.
In February, First Coast News broke the story of the homeowners, angry and frustrated.
"We paid that price and this is what we got," Yawn said, standing in a shell of a home. She and her wife, Leah Shafer, paid $1.6 million for the unfinished property.
Yawn and at least a dozen other homeowners poured big bucks into a promise to build new, upscale homes in Nocatee with one of the preferred builders Spencer Calvert, and his company Pineapple Corporation.
Now, Calvert is facing charges of misapplication of construction funds, organized scheme to defraud and grand theft in excess of $100,000.
His next court date is scheduled for Oct. 2. Currently, he's out on bond after his arrest in February 2024.
The alleged scheme
Phantom work
Calvert ordered subcontractors to drywall over electrical and plumbing work that wasn't finished to hide the truth from lending institutions, according to the report.
"As part of Calvert’s continued ongoing scheme to defraud, Calvert illegally stole/embezzled funds from the lending institutions the company received in the form of construction loan draws for work Calvert misrepresented as completed," the report states.
Investigators said required construction benchmarks were not completed, and Calvert either falsified documents or instructed subcontractors to hide work that wasn't finished.
Theft recorded as American Express reimbursements
The report says Calvert, between January 15, 2019, and June 11, 2024, recorded 134 payments of more than $1.2 million remitted to three American Express charge card accounts, two personal and one business.
Of those expenses, 42% went to legitimate building needs, such as lumber.
"However, approximately 58% of the charges appear to be for restaurants, sporting events, furniture stores, plane charters and liquor retailers," the report states.
One specific example given was for "Jags tickets."
Yawn's reaction? "It's mind-boggling. $19,000 in Jaguars tickets?!"
Theft recorded as officer salary
The report from the fraud investigator says Calvert paid himself a hefty salary.
"At a time when Calvert was converting money from the company for personal expenses and the company was experiencing an inability to pay subcontractors and complete projects without delays," the report states.
Investigators said Calvert paid himself a "sizable salary" that he continued to increase as he received deposits and construction loan draws for work that was never completed.
The report states that Calvert paid himself $704,480.63 in payroll from June 14, 2024, to Jan. 17, 2024.
Rebuilding their 'forever home'
Yawn and Shafer both said the money Calvert spent or paid himself came from the homeowners, who Yawn said the report "validates that ill feeling in your gut."
"It's not like we're wealthy people and we have this like hanging around in our bank account. That was our life savings, and we're not going to let anyone like Spencer take that away," she said.
She continued, "We've spent our whole lives working to pay for that house."
She said it was their dream home, their "forever home."
Now, Yawn said they've had to pay an extra $863,000 to finish the home on their own, paying double for many items, including lightning, because they'd already paid Calvert, even though he didn't deliver.
Shaffer says, "We've been told over and over that we'll never see a dime of that. No money will be given back. So we've accepted that."
Both Yawn and Shafer said Calvert should go to prison for what he's done.
They also praise their neighbors for rallying together and supporting each other, and they applaud St. Johns County law enforcement and the State Attorney's Office employees for their investigations.
First Coast News did reach out to the attorney representing Calvert on the criminal side. Mitch Stone sent us the letter embedded below.
The full State Attorney's Office investigation report is embedded below.