Andrew H. Williams, Jr., 59, is set for trial for his role in an alleged $78 million "Dream Home" fraud scheme. Trial begins on November 1, 2011, in federal courtroom 2C, Greenbelt, Maryland. Williams is the founder and leader of "Metropolitan Grapevine," which also did business as "Metro Dream Homes" or "POS Dream Homes."
The indictment filed in case no. 09-CR-00213 alleges that from 2005 to 2007, Williams and his co-defendants targeted homeowners and home buyers to pay at least $50,000 in exchange for a promise to pay off the homeowner's mortgage within 5 to 7 years. More than 1,000 investors in the Dream Homes program invested approximately $78 million. The defendants allegedly failed to make the mortgage payments.
Trial is expected to last 6 weeks. Three co-defendants were convicted at trial in February 2011, and two more defendants have pleaded guilty in connection with the scheme.
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.