Indicted:

Patrick M. Singletary, 39, Jacksonville, Florida (23 felony counts, including conspiracy, bank fraud and money laundering)

Robert D. Singletary, 37, Jacksonville, Florida (15 felony counts)

Peter J. Russo, 52, Jacksonville, Florida (9 felony counts)

Clifford R. Shaw, 38, Jacksonville, Florida (10 felony counts)

The men are alleged to have purchased distressed residential properties in Jacksonville, Florida through various corporations and then sold the homes to other corporations at inflated prices – often in same days closes. The indictment seeks forfeiture of $50M along with assets including real estate, vehicles, bank accounts and interests in local businesses.

The following corporations were also named and each face a potential $1M fine:

Cal Investments of North Florida, Inc.

Eagle Investments of North Florida, Inc.

Sunshine Management of North Florida, Inc.

Sunshine Mortgage Services, Inc.

Universal Title Services of North Florida, Inc.

Dack Properties of Jax, Inc.

Tropical Mortgage of North Florida, Inc.

Extreme Investments of North Florida, Inc.

Global Investments of North Florida, Inc.

Shaw Properties of Jax, Inc.