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It is amazing the hubris that some of the scamsters have engaged in. A Kenneth Germain, 64, of Colorado is facing 62 counts of security fraud and theft in a wide ranging mortgage fraud case. Germain is accused of stealing millions of dollars by selling homes that were already foreclosed upon and then setting himself up as the property manager.

What caught my eye is what Germain reportedly did with the money. According to the Denver Post he “pocketed the money to pay for taxes and his personal mortgage payments and to spend at liquor stores.”

So we have a drunk who scammed millions of dollars to pay his bills and liquor costs yet was seen as a reliable agent for people to invest their life savings with? The audacity of the crime is only second to the gullibility of the victims in my eyes.

Prosecutors say Germain scammed dozens of people into buying foreclosed properties from the U.S. Department of Housing and Urban Development and then kept the money. An arrest warrant has been issued for Germain, and the Denver district attorney’s office says he has made arrangements to turn himself in to authorities in the next few days.
The indictment lists 60 victims with 167 properties involved in the alleged scam. Among the victims is Lisa Downing, owner of Vision Quest Entertainment, a local talent agency. Downing says her life savings and her son’s college savings are now gone, while her credit is ruined.  via The Denver Post

Related posts:

1. Chicago Gang Member Leads Mortgage Fraud Ring
2. Cleveland “Going After Mortgage Fraud Like Going After The Mob”
3. Mortgage Fraud Aggressively Investigated and Prosecuted in Colorado
4. 25 Million Dollar Bounced Check Part Of Bigger Fraud?
5. Main Street USA’s Hussian Sentenced to Prison over 9 Million Dollar Fraud Case