Tuesday, June 12, 2012

Real State Operator Accused Of Using Phony Mortgage Assignments In $1M+ Distressed Loan Investment Ripoff; Prosecution Limited By Expiring Statute

In Fort Lauderdale, Florida, the South Florida Sun Sentinel reports:

  • A Cooper City man is being accused of defrauding a West Boynton investor of more than $1,000,000 in a distressed mortgage sham, according to a Broward Sheriff's Office report. Richard Brett Meyer, 53, was charged with grand theft over $100,000 and sale of security; he was released on $11,000 bond [].

  • The investor, Allen Pinkwasser, reported to the Sheriff's Office that, starting several years ago, he entered into an agreement with Meyers to purchase foreclosed mortgages that promised an 18 percent return. Meyers was to purchase the mortgages using his company, Rockland Trust, Inc.

  • Pinkwasser provided funds for 24 properties, but subsequently got nothing in return, according to the report. Due to the statute of limitations, only seven of Pinkwasser's payments can be considered for prosecution. Properties were located in Coral Springs, Deerfield Beach, Wilton Manors, Hollywood and West Palm Beach.

  • According to the arrest report, Meyers would present Pinkwasser with an attorney's title fund insurance policy and a fictitious assignment of mortgage.

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