USC Real Estate Finance Professor Sentenced to 6 Years Lockup For Real Estate Fraud
As I said in my post, Irony Alert: USC Real Estate Finance Professor Busted For Real Estate Scam, when Barry Landreth was busted for stealing 1.5 million dollars in a real estate scam, that a true connoisseur of irony would appreciate it. It takes a lot of nerve to teach real estate finance during the day and steal the homes from the widows and orphans at night.
Well, the judge in the case shares my sentiments and instead of taking the prosecutors recommendation of a 4 year sentence, he gave Barry Landreth 6 years in the state slammer. In this instance I think the judge did the right thing. The man abused the trust of his students and position and in my eyes that always deserves a harsher penalty.
So to Judge Cormac Carney, I salute you!
The sentencing was harsher than a nearly four-year prison term prosecutors had recommended in exchange for Barry Landreth’s guilty plea for one count of wire fraud.
Advertisement His defense attorney asked for leniency, but U.S. District Judge Cormac Carney said Landreth abused his position as an instructor in real estate finance to lure investors and promise them big returns on real estate projects.
Instead, he used investors’ money to buy luxury items, including a Cadillac Escalade and several show horses, prosecutors said. viaSignOnSanDiego.com
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Comment by Camas Real Estate Guy Wa on 21 December 2007:
Its crazy that scams like this happen in this day and age. I’m amazed how much he got aways with before he got busted.
Comment by Finance Tips on 23 August 2009:
I read about another scam in Florida where people would buy up foreclosures, fix them, and then sell them on lease options to people that couldn’t really afford the payments. After several months of payments, the people would get behind and get evicted. The investors walked away with the deposit, several payments, and just started over again. They finally got caught and had an injunction filed against them from investing in Florida and doing this type of scam. It is a poor sign of the times when people put more effort into ripping someone off then actually helping them and doing something sustainable.