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Man Receives 14 Years for Real Esate Scam

Wednesday, October 24 2007 05:24

Mickey Allen Weicksel, a former real estate investor who obtained about $4 million in kickbacks through a real estate scam centered in Lancaster, Pennsylvania, was sentenced to 14 years in prison, five years probation after his release, and ordered pay $750,324 in restitution.

On March 3, 2006, a jury convicted Weicksel of 14 counts of wire fraud, 3 counts of bank fraud, and 1 count of conspiracy to commit money laundering. Weicksel and his former partner, Barrylee Paul Beers, operating as Paul-Allen Enterprises or "PAE," carried out a scheme to obtain loans for the purchase of real estate by providing banks and mortgage companies with false financial information, by misrepresenting the true sale price of the purchased properties, and by concealing the fact that sellers had agreed to kick back a substantial part of the sale proceeds to defendants at closing. From approximately June, 1997, through approximately September, 1998, Weicksel and Beers purchased more than 100 properties in the Lancaster area and obtained over $4,000,000 in kickbacks.

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Rachel Dollar Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.
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