Hard Money Real Estate Investor Bilked Investors Out of 20 Million Dollars
The real estate scams over the past few years are now being outed with the weak market. A 20 million dollar hard money real estate investment scam was broken up after investors went to the police. Thomas John Hastert used his reputation reportedly to bilk investors.
The saddest part of the story is that Hastert was a Nevada peace officer.
Hastert is a hard-money real estate broker who “brazenly deceived” 123 investors and borrowers in six counties, embezzled fees and filed false paperwork, the Attorney General’s Office reported.
A criminal complaint containing 73 counts for embezzlement, securities fraud, conspiracy and filing false documents was filed in Nevada County Superior Court Friday and a judge issued an arrest warrant. Hastert faces more than 11 years in prison.
Hastert allegedly brokered more than 270 hard-money loans in Nevada, Sacramento, Sutter, Butte, Placer and Yolo counties between September 2004 and September 2007 for real estate development projects. Hard-money loans typically provide high returns for private investors and are secured through collateral such as real estate, according to the Attorney General’s Office.
The scheme collapsed when many of the loans, which were not properly backed with property, failed, the Attorney General’s Office reported. via Mercury News
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Comment by Woodstock real estate on 28 February 2009:
A peace offer committed these crimes? What is this world coming to. It amazes me that month to month all of this filth is being uncovered now that we are in an ecomomic downturn. Where were these busts during the peak of the real estate industry?