Posted by jeff on April 16, 2004 at 12:30:28:
Greed will get ya. A local appraisor just got shut down for inflated values.
33 Prop scam in Central ILL - $825,000 - JAIL??? - Posted by James
Posted by James on April 15, 2004 at 17:00:30:
The paper made it front page news in Springfield ILL.
www:/sj-r.com/sections/news/stories/22467.asp
This is a good story, even with the fluff, of what NOT TO DO!
They, County, State and Federal, are looking at an investor, appraiser, two mortgage brokers,ETC. A title company has already been closed down.
Two couples were sold properties for manny times the value, and without their knowledge. One is a couple in their 70’s.
Bought one (SFH) for $9,400 - sold for $64,000.
$13,000 to $75,000 in a few weeks.
$6,500 to $43,000, lots, lots more.
Unlicensed real estate activity, etc.
One guy commited suicide before this all came out.
He was convicted of a 12-count indictment for a $390,000 loan and a 130k (silent second) on a restaurant in Pekin and he bounced a 90k check to do it. Was ordered to pay 1.9 million to settle it.
Worth reading.
James Mc