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Real Estate Magnate Blows Whistle
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January 22, 2009
Four metro Detroiters have been charged in a million dollar mortgage fraud scheme after a prominent real estate mogul brought the scam to light.
Dequincy Hyatt of J.B. Homes/Construction LLC, mortgage broker Seaesther Thompson-Hayes, and former employee of People’s Trust Credit Union Aaron Brooks Jr. have been charged with one count of racketeering and two counts of false pretenses. If convicted, the trio faces up to 30 years in prison.
A fourth conspirator, Pietro Biundo is charged with filing a falsified deed when he sold his Washington Township home in one of the fraudulent transactions. If convicted, Biundo faces up to five years in prison.
Authorities said Ralph Roberts, a well known real estate magnate in Michigan alerted them to the scam after the group used a straw buyer to purchase the two luxury homes with mortgages totaling $1,495,000. Both have since gone into foreclosure.
Read stories at Detroit Free Press and The Macomb Daily
Read Press Release at PR Newswire
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