Real estate fraudsters are a dime a dozen these days, but crossing the $1 billion mark certainly makes a scheme noteworthy. In this story, they doubled that, and an Aspen home is up for seizure by the Federal Government in the case.
A former bank president at failed Oklahoma bank First State Bank of Altus is facing life in prison for his role in a massive fraud case. Paul Doughty was president and chairman of Altus, and has been convicted of 10 charges including bank fraud, conspiracy to commit bank fraud, misapplication of bank funds, making a false bank entry and unauthorized issuance of a bank loan.
A tale of two real estate agent’s shady dealings. The first, a commercial real estate agent in Colorado lost his license when he neglected to present an offer to his own seller. Carol Price, owner of a dance clothing store on the brink of foreclosure, contracted with Mark Dyson of CORE Holdings to sell the property. When an offer came in for $268,000 Dyson neglected to present the offer to Price, and the property fell into foreclosure. Here’s the kicker. Dyson himself purchased the property when it went to auction, flipped it, and sold it to the man whose original offer was never presented for $265,000. Talk about an abuse of power! Continue reading