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March 27, 2009
A civil suit alleging the fraudulent purchase of about 50 properties in a flipping scheme that used stolen identities to qualify was dropped after the plaintiffs failed to appear in court.
The suit was filed against both Indiana companies and residents: Robert Penn, Sharon Penn, Tamara Scott-Penn, Robert Pollard, Amy Pollard, Land Economics LLC, Brown Funding Inc., Showhomes Property Management LLC, EU Group LLC, the Griffin Group LLC, People’s Trust Mortgage LLC, Ace Appraisal Service Inc., Susan L. Ruhana, Brian Carrington and Frederick W. Bauter.
Investors said they provided their personal information with the promise of making a profit by joining a real estate investment club. The 50 properties that were allegedly flipped with inflated appraisals averaged about $60,000 in value.
Read story at Martinsville Bulletin
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