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Olympus Pools owner James Staten files for Chapter 11 bankruptcy

Company closed in July; state fined owner $1.4 million
Olympus Pools I-Team.jpg
Posted at 12:22 PM, Oct 07, 2021
and last updated 2021-10-07 18:17:48-04

TAMPA, Fla. — Olympus Pools owner James Staten and his wife Alexis have filed for Chapter 11 bankruptcy, according to new court documents.

In their Oct. 6 filing, the couple listed estimated assets between $500,001 and $1 million. Their estimated liabilities were listed at between $1 million and $10 million. The company also listed an estimated number of creditors at 1 to 49. Among the largest creditors is SCP Distributors LLC that, in September, received a $1.052 million judgment against James and Alexis Staten and their various companies including Olympus Pools Inc.

ABC Action News reporter Jackie Callaway has been following the saga of Olympus Pools since the spring. The Lutz-based company, once billing itself as the largest pool builder in the state, had hundreds of customers with unfinished pools that had been either fully or partially paid.

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In July the company closed its doors leaving customers stranded. At the time, Staten released a statement saying “constant negative media coverage” had encouraged viewers to file complaints with state regulators.

The result, Staten wrote, was Florida’s Department of Business and Professional Regulation, forcing the company to surrender its license. “We do not feel the decision is beneficial to our community or our customers, however, it was not our decision to make. If it were up to us, we would continue working for our customers,” the statement read.

Staten surrendered his contracting license and regulators levied a $1.4 million fine against Staten prohibiting him from acquiring another contracting license until it is paid.

The estimated 170 customers left with unfinished pool projects are eligible for restitution from the Florida Homeowners’ Construction Recovery Fund, although most are unlikely to fully recover financial losses.