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Pastor Conducted RE Seminars
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December 22, 2008
As more details emerge from a scandal rocking Denver, it’s revealed that a pastor accused of mortgage fraud recruited unwitting straw buyers through real estate investment seminars.
Pastor Harold Hicks was indicted last week on eight counts of theft and eight counts of forgery. According to the indictment, Hicks convinced two of his congregation members that there was nothing illegal about being a surrogate buyer as an investor.
The two church members have since lost their good credit ratings, eight properties have gone into foreclosure and lenders have lost at least $80,000. One of the buyers, Sherry Wrightsil, said in the indictment that after attending Hicks’ real estate seminar, she was approached by Hicks and his son Tracy D. Hicks, and told that they could use her good credit as a surrogate buyer. Hicks explained to her he would rent the property out and pay the mortgage, while paying her a fee for the use of her name and credit.
Wrightsil confronted Hicks after receiving late notices from the mortgage company, Hicks said he was having financial problems.
Read story at The Denver Post
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