Jury Convicts 'Dream Homes' Founder, Ponzi Scheme Operator; Racket Promised Home Loan Eliminations In Exchange For Upfront Payments

From the Office of the U.S. Attorney (Greenbelt, Maryland):

• A federal jury convicted Andrew Hamilton Williams, Jr., age 60, of Hollywood, Florida today of fraud conspiracy, wire fraud and conspiracy to commit money laundering in connection with his participation in a massive mortgage fraud scheme which promised to pay off homeowners’ mortgages on their “Dream Homes,” but left them to fend for themselves.

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• According to evidence presented at the two week trial, beginning in 2005, Williams and his conspirators targeted homeowners and home purchasers to participate in a purported mortgage payment program called the “Dream Homes Program.” In exchange for a minimum of $50,000 initial investment and an “administrative fee” of up to $5,000, the conspirators promised to make the homeowners’ future monthly mortgage payments, and pay off the homeowners’ mortgage within five to seven years.

For the entire press release, see Owner and Founder of “Metro Dream Homes” Convicted In $78 Million Mortgage Fraud Scheme (Conspirators Spent Millions of Dollars of Investor Funds to Employ Chauffeurs and Maintain a Fleet of Luxury Cars, Travel in Luxury to the NFL Super Bowl and NBA All-Star Game, Pay Off Prior Investors as Part of a Ponzi Scheme, and Fund Failed Investment Ventures and Undisclosed Third Party Businesses).