New Jersey Real Estate Ponzi Scheme Crashes, Affordable Homes Properties to be Sold at Auction
Affordable Homes, a real estate investment company that was one of the largest real estate ponzi schemes, is being forced to sell all 340 of their homes in a massive auction at the Meadowlands Arena. The estimated 3 day auction will start on September 29th, 2006.
The SEC alleges that Affordable Homes and its founder, Wayne Puff, bilked over 400 investors out of 40 million dollars as he payed off the original investors with new investors money. He was promising 15 to 20 percent returns.
Three hundred forty properties will go on the auction block next month in what could be the largest real estate auction in New Jersey history, organizers say.
The trustee overseeing the liquidation of bankrupt NJ Affordable Homes will begin the three-day auction at the Meadowlands Convention Center in Secaucus on Sept. 29.
The company’s portfolio includes single-family and multifamily homes and a handful of retail and commercial properties, said Jeff Hubbard, an executive managing director at Sheldon Good & Co., which is conducting the auction in a joint venture with DJM Realty. Also, vacant lots are available, including some with approvals for subdivisions. via NorthJersey.com
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Pingback by Selling a Home Via Auction Growing in Popularity « Pacific Auction Exchange on 31 October 2006:
[...] New Jersey Real Estate Ponzi Scheme Crashes, Affordable Homes Properties to be Sold at Auction [...]
Comment by Bill Perse on 17 October 2007:
Puff is doing the exact same thing now. 10/2007
he has changed his first name but still uses Puff as his last name. He uses other people to front the new corporations, but it is Puff that is the salesman and scheme master.
BEWARE, AND WHY IS HE NOT IN JAIL ?
Pingback by Selling a Home Via Auction Growing in Popularity « SIMA Auctions * Real Estate Auction Experts * on 7 February 2008:
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