Archives For Ohio

Angelo Alleca, 46, Buffalo, New York, and Mark Morrow, 54, Cincinnati, Ohio, were arraigned on charges of orchestrating a multi-million dollar investment fraud scheme.  The Defendants marketed several funds that were supposed to invest in certain assets/investments, such as hedge funds managed by a professional money manager of mortgage debt.  According to the new indictment, they instead used the money to pay redemptions to earlier investors, to acquire and operate several businesses, and to pay personal expenses.

According to U.S. Attorney John Horn, the indictment, and other information presented in court: From on or about 2004 until 2012,  Alleca acted as the President and Chief Operating Officer of Summit Wealth Management, an investment adviser headquartered in Atlanta, Georgia. During that time, Alleca started several funds and falsely misrepresented that money would be invested in hedge funds and debt securities and managed by professional investment managers. Continue Reading…

Sharrock denied shortened prison sentence

A federal judge has rejected David R. Sharrock’s request to overturn or shorten his 135-month sentence for mortgage fraud, concealment of property and fraudulent transfer in a bankruptcy.

U.S. District Court Judge Donald C. Nugent issued a ruling saying he believes testimony given during a July 28 hearing in Cleveland where Sharrock’s attorney, James McDonnell, told the court the 73-year-old inmate never asked him to file an appeal after he plea no contest in September 2013.

The Ohio Attorney General brought a lawsuit against the operators of a California-based loan modification scheme accused of taking thousands of dollars from Ohioans while falsely promising to help them avoid foreclosure.

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Constance Kanary, 52, Toledo, Ohio, is the subject of a two-count indictment charging her with participating a fraudulent home loan modification conspiracy.

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Brenda Ashcraft, 45, Milford, Ohio, pleaded guilty in U.S. District Court to defrauding investors of at least $15 million between 2009 and 2013 in a fraudulent investment scheme to purchase and sell real estate through real estate investment trusts (REITs).

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Damone Tyson, 49, Cleveland, Ohio, was indicted on bank fraud charges related to the fraudulent purchase of a Richfield, Ohio, home for nearly $1.2 million.

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Joe Spaqi, 60, Cleveland, Ohio, has been indicted and charged with fraudulently obtaining nearly $1 million from the now-closed St. Paul Croatian Federal Credit Union.

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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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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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