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Foreclosure Rescue Alleged Ponzi Scheme
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January 9, 2009
A Texas man is accused of taking money from investors in order to pay other investors while they believed homes were being purchased and rent was being paid to them.
Brent Timothy Baird has been indicted on 19 counts relating to mortgage fraud and illegally obtaining more than $3.5 million in assets, cash and personal property. Baird, who operated Baird Management Group a.k.a BMG was said to help homeowners facing foreclosure by selling their homes to investors and then letting them rent the property.
Officials said Baird had no intention of paying the mortgages and used one investor’s money to pay another one’s “rent” payments.
Read story at McKinney Courier-Gazette Star
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