Archives For Investment Scams

Jasper Buck, 59, formerly of Westminster, Maryland, and Lake Mary, Florida, has been indicted and charged with mail fraud arising from an investment fraud scheme wherein he allegedly misrepresented to investors that their funds would be used for hard money lending.

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George Christo George, 55, Las Vegas, Nevada, was sentenced for six to 20 years in prison for defrauding several Northern Nevadans of more than $238,000 through elaborate schemes including a false business partner posing as a wealthy sheikh to lure victims into bogus real estate deals and to investments in a luxury downtown Reno high rise condominium.

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Mervyn A. Phelan, Sr., 74, Newport Beach, California, was sentenced by U.S. District Judge J. Frederick Motz to five years in prison, followed by three years of supervised release, for a wire fraud conspiracy, wire fraud and obstruction of justice from a $17.4 million investment fraud scheme.

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Haider Zafar, 36, formerly of Dublin, Ohio, was sentenced in U.S. District Court to 72 months in prison, three years of supervised released, and was ordered to pay $15,723,034 in restitution for committing a $10 million fraud scheme involving false representations about investments in Pakistani real estate and to fraudulently obtaining a $1 million Miami Heat ticket package.

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Consumers are again being warned of phony loan offers and reminded that legitimate lenders will not approve loans in exchange for a fee.

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Theresa Sanders, 56, most recently of Westerville, Ohio, pleaded guilty to residential mortgage fraud, in the second degree, and grand larceny, in the second degree, in Onondaga County Court, New York, before Judge Anthony Aloi.

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William R. Beamon, Jr., a/k/a Rusty Beamon, 54, Atlanta, Georgia, has been convicted by a federal jury of carrying out a scheme to defraud Appalachian Community Bank, Ellijay, Georgia, by renting out bank owned properties and keeping the proceeds, as well as selling them to a shell company at below market prices.

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Joshua Leventhal, 44, Easton, Massachusetts, has pleaded guilty and been sentenced to jail in connection with stealing $112,000 from customers in a “Rent to Own” advance-fee scheme.  He was also ordered to make full restitution to his victims.

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Aaron G. Seltzer, 38, Trappe, Maryland, pleaded guilty to wire fraud in connection with a scheme in which he converted funds intended for real estate investments to his personal use.

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Crystal Perkins, 32, Mansfield, Ohio, has been indicted for defrauding an 82-year-old man of more than $50,000 in an alleged real estate investment scam.

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