Monday, February 8, 2010

Yawn, real estate corruption; this is getting so commonplace: Herald Tribune Article - FBI builds its case in flipping schemes.

Hmmmm, seems as though all the FBI has to do lately is throw a dart at the yellow pages listings of Florida developers, mortgage brokers, Realtors, real estate appraisers, and attorneys and have the “lucky dartee” wear a wire to come up with a juicy corruption scandal.

The Trib’s article spells out step by step how the Fibbies, wires and all, nailed a bunch of avaricious real estate speculators (oxymoron alert); there were flippers, phony dual-closing documents, using of grandma’s name on a deed and more.

Not up to Rothstein’s level maybe, but not through lack of trying. Well worth the read. Get used to reading these articles, many more to come; maybe, for a change, at the state level.

FBI builds its case in flipping schemes
Herald Tribune article: Published: Sunday, February 7, 2010 at 1:00 a.m.

“Craig Adams of Sarasota, who moved from a real estate sales career into one of a real estate de-veloper, is referred to in documents as the "confidential defendant."

…Craig Adams, orchestrator of one of the largest real estate fraud rings in Florida history, has secretly spent more than a year and a half as an FBI informant, helping build cases against the people he once recruited into his schemes, the Herald-Tribune has learned.

…Ultimately, dozens of Sarasota real estate investors could be caught up in the investigation. Adams' list of associates includes mortgage brokers, Realtors, real estate appraisers, attorneys and developers.”Read the rest of the article here: FBI builds its case in flipping schemes

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