The Alabama Securities Commission in December ordered the head of the investor group backing proposed DreamVision amusement parks planned for Fort Worth and Muscle Shoals, Alabama, to stop illegally selling residential real estate investments.
Bryan K. Robinson, through a company called Robinson Capital Investments Llc., allegedly sold securities in 2014, telling investors he would buy houses out of foreclosure and repair them for resale, according to the commission. The houses were never bought by Robinson, the commission said.
According to a cease and desist order issued Dec. 14 , Robinson collected $500,000 from two investors on the promise he would buy 85 single-family houses. Separately, he promised another investor from outside of Alabama that their $100,000 investment would buy 35 to 50 houses out of foreclosure.
Robinson promised the investors 11 percent interest and issued promissory notes secured by the real estate located in Madison County, Ala., the commission said. Further, neither Robinson or Robinson Capital Investments was registered to conduct business in the securities industry in Alabama, the document said.
Nearly a year ago, Robinson was introduced by Rick Silanskas, CEO of Florida-based DreamVision Co., as president and founder of Provident Global Capital in Alabama and as its lead investor. The 5,000-acre Fort Worth park was to be called DreamVision Mountain/DreamScape.
But nothing appears to have happened on the project since. City and business leaders say they have had not heard from DreamVision executives, and there is no real estate deal by DreamVision recorded in deed records. Moreover, the company’s website no longer has information regarding the planned parks.
The Fort Worth park was to feature a massive “mountain” with man-made snow for snowboarding and bobsledding. Malcolm Clulow, creator of Ski Dubai, a 20-story indoor resort in Dubai, and considered the world’s top expert in indoor snowmaking, was said to be hired for the project and was introduced at the news conference.
In a recent email response to an inquiry from the Star-Telegram about the project, Acer Snowmec International responded, “You need to contact DreamVision, not us, for status of the project.”
Robinson had 28 days to respond to the Alabama Securities Commission.