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Real Estate Investors of Phoenix Plead Guilty

Real Estate Investors of Phoenix Plead Guilty
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On Tuesday, the federal officials said that the investors of the Phoenix real estate business were found to be guilty of committing a wire fraud of about $50 million and the conspiracy was proved to be a Phoenix based mortgage fraud scheme. This was done on Monday. According to the authorities, two other members were guilty of the fraud scheme as well and they are waiting for the sentence.

Brett Matheson, a 46 year old guy at his guilty plea has admitted that as a CEO and president of Maricopa Property Investment Solutions Inc., buyers of the real states in the seminars were recruited, a spokesperson of US Attorney’s Office for the Arizona District Mr. Robbie Sherwood said. Though a legitimate buyer of the property is a straw buyer, he is eventually helping in making this scam even bigger.

Mr. Sherwood also said that Matheson has helped him to speed up the application procedure for the mortgage loans over a period of January 2005 through to September 2006 for unqualified straw buyers with false information such as income, assets, employment and the intent to have these homes as their primary places to live. Some of the loan-application packages had false bank statements, and bogus verifications of employment and deposit altered pay stubs authorities said.

According to the US Attorney’s Office, the Matheson has obtained the other two properties by altering the pay stubs and by making bogus verifications of the employments. The Shell Company was under the control of Matheson and his co-conspirators and these proceedings were not proper. They got a kick back as said by the officials. They were even found to make down payments to get the additional straw buyers qualify for the financing and other type of properties.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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