David Saks: April 2014

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

WOMAN SENTENCED TO MORE THAN 23 YEARS IN PRISON FOR REAL ESTATE FRAUD

Augusta Businesswoman Sentenced to More Than 23 Years in Prison in Investor Fraud Scheme

U.S. Attorney’s Office April 17, 2014
  • Southern District of Georgia (912) 652-4422

AUGUSTA, GA—

Regina M. Preetorius, 47,

of Augusta, Georgia was sentenced yesterday to 280 months in prison

by U.S. District Court Judge J. Randal Hall for her role in a multi-million-dollar investor fraud scheme. After a lengthy jury trial in September 2013, Preetorius was convicted on eight counts of mail fraud, two counts of wire fraud, and three counts of money laundering.

Evidence presented at trial and during sentencing showed that between 2004 and 2009, Preetorius defrauded dozens of investors of homes and over $1 million.

The victims included private investors and distressed homeowners facing imminent foreclosure.

Preetorius promised certain investors that that they would make enormous returns off their investments in real estate; instead,

Preetorius used the homes and money to support her lavish lifestyle.

United States Attorney Edward J. Tarver said, “This defendant stole millions of dollars in money and property from dozens of victims. Preetorius’s promises of realizing the American Dream quickly turned to nightmares for her victims. She now has over two decades in a federal prison cell to sleep on the harm she has caused others.”

In addition to the ordered term of imprisonment, Preetorius was ordered to pay $1,457,374.67 in restitution. After Preetorius is released from prison, she will serve three years of supervised release. Regarding the length of the prison sentence, Mr. Tarver noted that parole was abolished in the federal system in 1984.

FBI Special Agent Paul Kubala and IRS-CI Special Agent Roger Garland conducted the investigation that led to the indictment. Assistant United States Attorney C. Troy Clark and former Assistant United States Attorney David M. Stewart prosecuted the case on behalf of the United States. For additional information, please contact First Assistant United States Attorney James D. Durham at (912) 201-2547.

http://www.fbi.gov/atlanta/press-releases/2014/georgia-real-estate-investor-pleads-guilty-to-charges-related-to-bid-rigging-and-fraud-at-public-foreclose-auctions?utm_campaign=email-Immediate&utm_medium=email&utm_source=fbi-in-the-news&utm_content=315386




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • April 18 2014 07:39AM
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