Home » Mortgage Fraud » Colorado’s Kenneth Germain Accused of Multi-Million Dollar Mortgage Fraud

Colorado’s Kenneth Germain Accused of Multi-Million Dollar Mortgage Fraud

Foreclosure_smallIt 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

11 comments

  1. Kenneth Germain

    62 counts of Securites Fraud, and theft charges have been dismissed against Kenneth Germain by the Chief District Attorney heading up Colorado's Economic Crime Unit. As you reported in the above article he alledged “pocketed the money to pay for taxes

    and his personal mortgage payments and to spend at liquor stores. Additional you wrote ”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. Do you now have the hubris to retract your comments which were obviously reported incorrectly by the Denver Post and then mindlessly with incredible gullibility reported to your readers in the above artical. Let your conscience be your guide.

    Ken Germain

  2. Good work Ken!

  3. the Ken Germain I knew would never do such a thing

  4. ALL CHARGES DROPPED

    DENVER – The Denver District Attorney's Office has dismissed charges against a man who was accused of scamming scores of investors.

    On Jan. 2, 2008, a grand jury indicted 65-year-old Kenneth Germain on 62 counts of allegedly "soliciting numerous investors over the last few years to buy distressed properties for eventual resale."

    A spokesperson for the DA's office said that after debating new information in the case, dropping the charges was the ethical decision.

    It was a 15-month investigation from the Denver District Attorney's Office Economic Crime Unit and the Office of Inspector General for the U.S. Department of Housing and Urban Development.

  5. so. while Mr. Germaine managed to skirt his crimes because of miswording on a legal document
    the 67 people he ruined are still dealing with the mess he left them with
    once again justice prevails for the crooks

  6. I hope Ken Germain really goes to jail and stay there for a long time He stole money from my family.and from me. recently.

  7. Shawn Patrick 9News

    DENVER – The Denver District Attorney's Office has dismissed charges against a man who was accused of scamming scores of investors.

    On Jan. 2, 2008, a grand jury indicted 65-year-old Kenneth Germain on 62 counts of allegedly "soliciting numerous investors over the last few years to buy distressed properties for eventual resale."

    A spokesperson for the DA's office said that after debating new information in the case, dropping the charges was the ethical decision.

    It was a 15-month investigation from the Denver District Attorney's Office Economic Crime Unit and the Office of Inspector General for the U.S. Department of Housing and Urban Development.

    The indictment had listed 60 victims with 167 properties involved in the alleged scam.

    One of the victims had claimed the homes were overvalued in appraisals by anywhere between $40,000 and $90,000.

    Germain disagrees with the claim and said, "All of the houses were sold to my buyers at fair market value."

    (Copyright KUSA*TV, All Rights Reserved

  8. Men Identified In Littleton Murder-Suicide POSTED: 8:01 pm MDT June 29, 2012

    LITTLETON, Colo. — Littleton police released the identities of two men involved in an apparent murder-suicide.
    Littleton Cmdr. Kim Ferber said Ken Germain was fatally shot multiple times at his home by Colin Collea on Thursday afternoon.
    Germain was found dead at his house at 5931 S. Camargo Way after Collea, 57, called police and told them there was a shooting at the house, Ferber said.

    Collea told Littleton dispatch he was at Bear Creek Lake Park. Lakewood police discovered Collea's body shortly afterward in the southern part of the park with an apparent self-inflicted gunshot wound.
    It is not clear how Germain and Collea knew each other. Ferber said there are no additional suspects being sought in relation to the shootings.

  9. He was murdered last week by a former business associate. Those who don't believe in Karma should take note.

  10. Well Ken, there are a minimum of 60 victims who say you finally got what you deserved. RIP you SOB.

  11. Real Jerk He stole $ 40,000 from my business in 1988. His wife is the acting fraudster.
    Remember Germain your house in Polo when the builder said where is my payment.
    $ 125,000 you said it was your wife that handled it. Well I knew then something was up.

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