Due to their special training, lawyers are in a unique position to conduct fraud, and real estate is no exception from the rule. In Chicago, a notoriously corrupt city, attorney Robert Lattas admitted his role in a $22.9 million mortgage fraud.
Category Archives: Criminal Activity
Feds to Seize Aspen Home in $2 Billion Scan
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.
Former Bank President Facing Life for Real Estate Fraud
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.
Stamford Real Estate Investor Pleads Guilty to $17 Million Fraud
The former owner of Cabot Investment Properties LLC, Carlton Cabot, is under fire for his role in a $17 million fraud. This is far from the first time a leading investor pleads guilty to a real estate fraud scheme.
In the multi-year scheme, Cabot took investor funds for his own personal use. The money was spent on expensive private school tuition and a luxury vacation apartment, among other lavish lifestyle expenses. Continue reading
Financial Fraudsters – People Who Slowdown Economy
Financial fraudsters do not only harm their direct victims. The entire economy falls victim when real estate and other financial fraud strikes.
For example, North Carolina home developer Christopher Deans pleaded guilty to a scheme where he paid other bidders at foreclosure auctions not to bid on properties, artificially lowering the price paid for the property and indirectly lowering the values of all homes in the neighborhood. Continue reading
Real Estate Heir Implicated in “Vampire Murder”
The real estate heir to a Canadian fortune is accused of committing an atrocious murder in California. Screenwriter Blake Leibel, heir to the Canada Homes Inc. fortune from the company managed by his father. Continue reading
NFL Player Found Guilty in Minnesota Real Estate Fraud Case
Former Minnesota Viking Stu Voigt and business partner Jeffrey Gardner went to trial in January for their role in a multimillion dollar real estate fraud case. They touted their firm, Hennessey Financial LLC, as an avenue for healthy real estate investment profits. Instead, it operated like a Ponzi scheme. Continue reading
$33 Million California Fraud Sending Lawyer to Prison
San Diego businessman Courtland Gettel and Tucson attorney Jeffrey Greenberg pled guilty to a massive $33 million California fraud scheme involving wire fraud and mansions in San Diego suburbs La Jolla and Del Mar. Continue reading
Open House Bandits Make Off With $500k
Police in the greater Toronto area saw report after report arrive telling a similar story. Jewelry, coins, antiques, and other valuables were going missing from open houses. It didn’t take long for the tally to reach $100,000, when the police found they were dealing with a string of related robberies from a couple dubbed the “open house bandits.” Continue reading
Agent Kidnapping and Murder Leads to Guilty Verdict
Agent safety is incredibly important, as traveling around the area to open houses, meetings, and showings can put agents in a vulnerable position. A 2014 kidnapping and murder of a real estate agent in Little Rock, Arkansas has finally come to some level of closure. Continue reading
Flat Fee Listings – Flat Out fraud
Real estate agent Leslie Rae Young came under fire from regulators in Nebraska and Alaska for flat fee listings in the two states. While a flat fee listing is not against the law, doing it when you are not licensed in the state is against the law. A law Young is charged with breaking. Continue reading
Son Uses Mom’s Realtor Lockbox Key to Burglarize Homes
When most people hire a Realtor, they are hiring a trusted real estate agent to help them sell their home. That’s why three homeowners were shocked when, shortly after handing over the keys, their homes were burglarized. Continue reading
Tax Fraud: Chicago Real Estate Executive Pleads Guilty
A real estate appraisal executive, William Daddono, pled guilty to tax evasion in an egregious example of a wealthy executive in the real estate industry industry. This tax fraud is one of the biggest we’ve ever seen here at Really Rotten Realty. Continue reading
Santa Barbara Agency Sues over Stolen Information
There is no crime in leaving your job to work for a competitor, but when you leave, you cannot take your former employer’s confidential information with you. In Santa Barbara, California, Coldwell Banker is suing startup real estate firm Compass for luring away a top manager and stealing confidential information. The stolen information in question relates to top performing agents. Continue reading
Cuban Rights Activist Gets Four Years for Real Estate Fraud
Alicia Garcia appeared to be a selfless, upstanding citizen on the surface. Her Cuban rights activism gained the attention of Miami-Dade county elected officials, but they had no idea about her shady past. Continue reading