Classic Real Estate Fraud in Iowa, With a Twist
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In Iowa, we have a case of classic case of real estate and mortgage fraud. A couple, John Davis and Christine Frank, buy up inexpensive homes and then resell them at an above market rate. They bring in a crooked appraiser and make some quick and illegal cash. Pretty generic graft so to speak.
And then we get the fun part. buried in the Des Moines Register article we find that the John Davis is “a former money launderer for the Medellin drug cartel. The newspaper found he had moved to Des Moines through the federal witness-protection program after testifying against cartel members. He had already pleaded guilty of conspiracy to defraud the U.S. government.”
So now the plot from My Blue Heaven, the classic Steve Martin film, has come to the corn fields of Iowa. Can you imagine the slick drug money lauderer playing the average folks of Iowa and convincing them it is the deal of a lifetime. Yikes!
This is right out of My Blue Heaven when Steve Martins character puts coin jars in all of the town businesses to raise money for the kids… While I feel sorry for the people who were harmed in this scam, the ex-New Yorker in me wonders if “Mr. Davis” with the Spanish accent rented the movie and had a lightbulb moment as he watched it.
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Comment by Gena Riede on 2 December 2006:
Found you on the internet after writing a blog about Real Estate Fraud. I wrote my blogs on http://www.SacramentoRealEstateVoice.com and on http:www.ActiveRain/griede where a resident of Iowa wrote a comment on my blog about a possible fraud situation. You might want to go and check it out since you are obviously closer in proximity than I am. Just google to see if anything else was going on in the good state of Iowa with fraud and found you. Isn’t it amazing how many crooks there are in every state?