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
No related posts.
{ 7 comments… read them below or add one }
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
Good work Ken!
the Ken Germain I knew would never do such a thing
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.
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
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.
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