Columbus Housing Fraud Case Involving Builders Getting Convictions
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In the no ask, no tell mortgage world in 2004 to 2006 you would have to expect some mortgage fraud. But what truly amazes me is that successful business people were committing this housing fraud right along with lowly street criminals.
The Columbus, Ohio case involved respected builders and contractors who enticed straw buyers to commit mortgage fraud on homes that had severely inflated prices. What is bothersome is that the word on the street must have been you could get away with this mortgage fraud without any fear. These people had something to lose yet still did it.
Wow…
The seller of the luxury houses, officials said, was Thomas Parenteau, who operated and controlled Advanced Precast Building Systems LLC, Parenteau Builders LLC and MKP Investments LLC. Those area businesses were owned by his wife, Marsha, who pleaded guilty this week to conspiring to commit money laundering. For her role, she faces up to 20 years in prison and a fine of $500,000 for laundering up to $1 million.
Parenteau and his accountant, Dennis Sartain of Hilliard, and his real estate agent, Bonnie Helt-Adams, are scheduled to go to trial in July on charges of tax, bank and wire fraud, money laundering and obstruction of justice. The charges last month were drawn up under a superseding indictment with new details on the case. Business First of Columbus:.
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Comment by Portland Real Estate on 7 May 2009:
Im glad that some people are getting into trouble over this. There were a few builders that I heard about that were using toxic cheap supplies and were ignoring safety and health standards in their buildings. Then later on it was exposed that the entire condo complex was a money laundering operation that was not as well hidden as they thought.