Massachusetts Man Charged for Straw Buyer Scam

Allison Tussey —  November 4, 2010 — 4 Comments

Prince Charles Eweka, 45, Canton, Massachusetts, was arrested after being charged with multiple counts of wire fraud in connection with a multi-year, multi-property mortgage fraud scheme was unsealed in U.S. District Court. The indictment alleges eight counts of wire fraud.

According to the indictment, in 2006 and 2007, Eweka committed fraud in connection with condominium sales in two buildings in Dorchester, Massachusetts. According to the charges, Eweka paid straw buyers to “purchase” individual units in buildings that Eweka controlled. Eweka allegedly promised straw buyers that they would not have to make down payments, pay funds at the closing, or be responsible for mortgage payments. The straw buyers’ financing for the purchases was obtained by submitting mortgage loan applications that falsely represented key information, such as the buyers’ income, assets, and/or intention to reside in the condominiums. The deals were closed with HUD-1 settlement statements that falsely represented that straw buyers had made substantial down payments in connection with the property transactions.

If convicted of the charges, Eweka faces a maximum sentence of 20 years’ imprisonment to be followed by three years of supervised release, and a $250,000 fine on each of the counts.

United States Attorney Carmen M. Ortiz; Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division; and Robert Bethel, Postal Inspector in Charge of United States Postal Service, made the announcement. It is being prosecuted by Assistant U.S. Attorney Ryan M. DiSantis of Ortiz’s Economic Crimes Unit.

The details contained in the indictment are allegations. The defendant is presumed to be innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

Mortgage fraud is a key focus of the Department of Justice. The Department of Justice alongside its federal, state and local partners is committed to investigating and prosecuting significant financial crimes. The Department is committed to combating discrimination and fraud in the lending and financial markets, and recovering proceeds for victims of financial crimes.

Be Sociable, Share!

Allison Tussey

Posts Google+

4 responses to Massachusetts Man Charged for Straw Buyer Scam

  1. WELL WHAT DO KNOW ABOUT THAT!! ROYALTY INVOLVED IN FRAUD!!!! I THOUGHT PINE VILLAGE NORTH IN HARRIS COUNTY TX HAD THE BEST FRAUD SCAMS.AFTER ALL THE LADDENT GROUP FROM SAN DIEGO CA. AND OTHER PLACES UNKNOWN HAS IT GOING HERE.INVESTORS BE CAREFULL OF THIS GROUP!!THEY GOT 113 FORECLOSED PROPERTIES FROM THE BRADY BANK IN BRADY TX. FOR ABOUT $7,900 EACH AND ARE TRYING TO SELL THE PAPER.THEY TRY TO STIR UP RACEIAL DISCONTENT.ONE BOARD MEMBER PULLED A KNIFE ON A RETIRED AIRFORCE OFFICER FRIEND OF MINE.GATES WERE CHAINED CLOSED AND EMS WAS UNABLE TO REACH A HEART ATTACK VICTIM IN TIME TO SAVE HER.WHEN YOU LOCK A GATE YOU MUST HAVE A 911 BOX ON THE GATE TO FIRE AND POLICE CAN OPEN THE GATE.THE BOARD OF DIRECTORS WERE TOLD OF THIS REQUIREMENT AND FAILED TO TAKE ACTION!!! AN ARSON FIRE DESTROYED 6 TOWNHOMES FOR THE SAME REASON. I WILL TESTIFIE IN COURT AGAINST THE BOARD OF DIRECTORS. GEORGE UBER USN RETIRED

  2. ‘Cause you know when you want to score in the fast and furious world of real estate investing…. you want to partner up and throw down only with the best…. someone named Prince Charles —- mofo must be royalty! He’s the King of Real Estate Flippin’!!!

  3. In a graveyard somewhere, my old boss, Nebraska native, (and all-around general hard ass) Doug Peters is rolling over in his coffin. Prince flippin’ Charles… can you believe that one, Dougie?

  4. Prince Charles?

    Prince Charles?

    Really!?!?

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong> 

*