| |
|
|
|
|
Search mortgage fraud news by keyword.
News, analysis and statistics about mortgage fraud.
Stories about individual mortgage crime cases.
Statics by year about real estate fraud.
Quarterly index based on case activity.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
Free e-mail newsletter with the latest headlines from MortgageDaily.com.
The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.
Archive of FraudBlogger.com entries going back to 2005. |
|
|
| |
Real Estate Version of Madoff Scandal
|
| |
May 18, 2009
About 175 people were duped in a flipping scheme that could turn out to be one of the largest mortgage fraud cases in North Carolina. One attorney said it was akin to the Madoff scandal, but with real estate.
Total Realty Management (TRM) is being sued by 130 Virginia residents and another 45 are planning to file suit for selling them lots with the promise that they wouldn't have to make any payments or down payments. Two Charlotte, N.C. developers are being accused of running the scheme.
Lawyers said the "buyers" were duped into paying artificially inflated values on lots developed by R.A. North Development of Matthews, owned by Randy Allen, and Cannonsgate in Carteret County. Buyers are seeking $100 million in damages. Bank of America has also been named as a defendant -- and could realize a loss of millions of dollars in bad loans.
Read story at The Charlotte Observer
|
|
|
