(Editor’s note: story updated to add new information.)
A $6.6 million waterfront Marco Island home is part of an FBI investigation of fraud including money laundering by an Indianapolis developer.
U.S. Attorney for the Northern District of Indiana submitted a filing July 16, 2026, for an asset forfeiture of the home at 488 Richards Court. The same day federal agents raided the home and business of developer James Andrew “Andy” Card, an FBI spokesperson confirmed to IndyStar.
Forfeiture documents allege that Card fraudulently used money from the city-financed Mishawaka Fieldhouse in Mishawaka, Indiana, to help pay for the purchase of the Marco Island home. Card has not been charged with a crime.
According to Collier property records, the home is in the name of James A. and Martha J. Card, who purchased it for $6.625 million July 20, 2023.
Indiana developer owns, operates several sports fieldhouses across the state
Card, 62, of Westfield, Indiana, is the owner of Indianapolis-based Card & Associates, which develops large-scale sports complexes and wellness centers. It also owns and operates several fieldhouses across Indiana. It also developed and constructed the Pacers Athletic Center in Westfield.
No one answered the door of the Marco Island home on July 18 when a Naples Daily News reporter rang the doorbell. No one appeared to be home. Two boats could be seen on docks through the clear front doors and sliders at the back of the house.
FBI Public Affairs Officer Chris Bavender said via email the agency conducted a “court-authorized law enforcement activity” at the two locations but said she could not provide additional details.
Card did not respond to phone calls and emails from IndyStar. A spokesperson said Card had no comment.
Marco Island home purchased via money laundering scheme, U.S. Attorney says
According to the forfeiture documents, the Card’s four-bedroom, six-bathroom Marco Island home can be seized because it “constitutes or was derived from proceeds traceable to an offense constituting specified unlawful activity” and because the property was involved in money laundering transactions.
Court records say the scheme took place over a two-year period from October 2022 to October 2024. The city of Mishawaka hired Card’s company to develop the $38 million indoor athletic facility. Funding for the project involved tax increment financing and an economic development grant.
As developer, Card signed an agreement that, with the exception of his fee, the public funding would only be used for the city project. But the forfeiture documents say Card made multiple requests for disbursements to cover construction expenses and then transferred those funds into personal accounts.
“The representations in the disbursements request were materially false,” court documents say, “and made with intent to defraud the City of Mishawaka and others, as Card and the Business did not in fact use all the funds disbursed … as payments or reimbursements for legitimate project costs.”
Martha Card was the sole applicant for the mortgage on the Marcos Island home. To purchase it, she needed a $1.5 million down payment and roughly $1.2 million at close. The monies from the Mishawaka Fieldhouse Project covered those costs, according to prosecutors.
Mortgage records for the home contain two letters from Card gifting the money to his wife, according to court documents. In the first letter, he gifted her $1 million on Aug. 7, 2023 ― a portion of the initial down payment. In the second, he gifted her another $1.2 million. Both letters stipulated that no repayment was expected in return.
The U.S. Attorney’s Office also said Card caused his wife to engage in transactions involving fraudulently derived funds.
About $2.2 million from the mortgage deposit was money from the Mishawaka Fieldhouse project, prosecutors said. Court documents say Card sought to conceal the transactions, but they were traceable through wire transactions.
J. Kyle Foster is a senior growth & development reporter for The News-Press & Naples Daily News. Reach her by emailing jfoster1@usatodayco.com.
Contact IndyStar investigative reporter Alexandria Burris at aburris@indystar..com. Follow her on X, formerly Twitter, at @allyburris.
Contact IndyStar reporter Kristine Phillips at (317) 444-3026 or at kphillips@indystar.com.
Follow The News-Press & Naples Daily News throughout the Election 2026 campaign season, including Q&As with candidates running in key Southwest Florida races coming soon.
This article originally appeared on Naples Daily News: US Attorney says $6.6M Marco Island home bought in illegal scheme
Reporting by J. Kyle Foster, Alexandria Burris and Kristine Phillips, Fort Myers News-Press & Naples Daily News / Naples Daily News
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By J. Kyle Foster, Alexandria Burris and Kristine Phillips, Fort Myers News-Press & Naples Daily News | USA TODAY Network
