Michael Schaefer, 55, charged with 88 felony counts in Johnson County Missouri District Court, was arrested on Thursday. Schaefer is accused of operating a ponzi scheme in which he sold interests in a purported manufactured housing development in Arizona through two businesses: Omnibus Inc. and Schaefer Enterprises. Each investor paid Schaefer nearly $11,000 and was promised a return. The venture unraveled when Shaefer started using new investments to pay earlier returns. Most investors were located near Kansas City, Missouri.
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Monday, December 13 2004 02:12
Investments in Arizona Manufactured Housing Development
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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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