Millions of dollars slipped from the grasp of Miami Beach developer Mordechai Boaziz after a state appellate court reversed an award he won against partners accused of defrauding him on three projects.

Boaziz won nearly $38 million from former partners Yizhak Toledano and David Houri and their companies on claims they duped him into accepting a diminutive stake in real estate deals in Florida and Nevada, then devised an elaborate scheme to siphon millions from the projects.