David Saks: DISBARRED GEORGIA LAWYER ARRESTED FOR CLOSING FUNDS FRAUD, MONEY LAUNDERNG, BANK FRAUD, WIRE FRAUD AND FALSE SATEMENTS

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

DISBARRED GEORGIA LAWYER ARRESTED FOR CLOSING FUNDS FRAUD, MONEY LAUNDERNG, BANK FRAUD, WIRE FRAUD AND FALSE SATEMENTS

Disbarred Lawyer Arrested for Misappropriating Closing Funds

Neal Landers, 45, Duluth, Georgia was arrested on federal charges that Landers stole money from his clients after acting as the closing attorney for their real estate transactions. United States Magistrate Judge C. Christopher Hagy will arraign Landers on charges of wire fraud, money laundering, bank fraud, and making false statements.

According to the charges, and other information presented in court: Beginning in 2007, Landers allegedly exploited his position as a closing attorney by misappropriating the funds from real estate transactions. Specifically, Landers is charged with receiving money transfers into his escrow account from several real estate closings. Once the real estate transactions were complete, Landers was required to disburse these funds.

However, according to the indictment, Landers delayed paying out the funds for weeks and sometimes for months. Rather than promptly disbursing the funds for the recently-closed properties, Landers used those funds to pay out the parties from previously completed real estate transactions (who should have been paid earlier). Landers is also charged with transferring funds, in amounts that far exceeded any closing fees and/or costs, from his escrow account to a checking account. He then used that money to pay various personal expenses. Finally, Landers is charged with making false statements on a loan application. The fraud alleged in the indictment totals more than $1.5 million.

On March 20, 2012, a federal grand jury returned an indictment charging Landers with wire fraud, money laundering, bank fraud, and making false statements. The most serious of the charges carries a maximum sentence of 30 years in prison and a fine of up to $1,000,000. In determining the actual sentence, the Court will consider the United States Sentencing Guidelines, which are not binding but provide appropriate sentencing ranges for most offenders.

Landers was disbarred by the Georgia Supreme Court in 2009.

Members of the public are reminded that the indictment only contains charges. The defendant is presumed innocent of the charges and it will be the government's burden to prove the defendant's guilt beyond a reasonable doubt at trial.

United States Attorney Sally Quillian Yates announced the arrest.

United States Attorney Sally Quillian Yates said, "In real estate closings, lenders trust the attorneys who represent them to fairly and honestly conduct the closings and appropriately handle the funds with which they are entrusted. This defendant is charged with running a Ponzi scheme out of his law firm, often using the proceeds from real estate transactions for his own personal benefit rather than the business purpose for which they were intended."

This case is being investigated by Special Agents of the Federal Bureau of Investigation.

Assistant United States Attorney Jeffrey W. Davis is prosecuting the case.

source: Mortgage Fraud Blog




David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • April 04 2012 08:47AM

Comments

This blog does not allow anonymous comments