David Saks: 73 YEAR OLD MAN SENTENCED TO FIVE YEARS IN PRISON FOR LYING TO INVESTORS

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

73 YEAR OLD MAN SENTENCED TO FIVE YEARS IN PRISON FOR LYING TO INVESTORS

Man Sentenced for Lying to Mortgage Investors

Gaston E. Cantens, 73, Miami, Florida, was sentenced to five years' imprisonment followed by three years of supervised release for conspiring to commit mail and wire fraud, in violation of Title 18, United States Code, Section 371, in connection with a fraud committed at Royal West Properties, Inc.

United States District Judge Kathleen M. Williams imposed the statutory maximum term of imprisonment.

According to documents filed with the court and statements made during the sentencing hearing, Royal West was a Miami-Dade corporation that promised to pay investors a fixed rate of return on investments made with the company.

Gaston E. Cantens was the president of Royal West Properties, Inc.

In this capacity, Cantens allegedly recruited individuals to invest in Royal West by promising investors that their investments would be guaranteed by properties or mortgages that acted as collateral.

Cantens used his extensive ties to the South Florida community, including his ties to Belen Jesuit Preparatory School, to recruit investors to the fraud.

Cantens misappropriated money from investors by making materially false representations and concealing and omitting to state material facts concerning, among other things, the financial condition of Royal West, the manner in which mortgages and properties were assigned as collateral to investors, the assignment of non-performing mortgages, the assignment of mortgages that were paid in full, the proper recording of mortgages, and the recording of investors' interests in properties and mortgages.

Specifically, Cantens told investors that their moneys were collateralized by individual properties but failed to inform them that the collateralized properties had previously been assigned to other investors. Cantens received moneys from investors based on these misrepresentations, and used the moneys for his personal benefit and to further the fraud scheme.

Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, and John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office, announce the sentence.

U.S. Attorney Wifredo A. Ferrer stated, "The defendant abused his friends and his ties to the South Florida community to enrich himself. When, as in this case, greed becomes the primary business motivator, corruption is sure to follow."

"Gaston E. Cantens has 5 years to think about how he violated the trust of unsuspecting investors," said John V. Gillies, FBI Special Agent in Charge. "Our business environment flourishes on a foundation of trust and those who violate that trust must be held accountable for their unscrupulous actions."

Mr. Ferrer commended the investigative efforts of the FBI. Mr. Ferrer also commended the efforts of SEC for their contributions to this investigation and its successful prosecution. The case is being prosecuted by Assistant U.S. Attorney H. Ron Davidson.

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 11 2012 01:16PM

Comments

This blog does not allow anonymous comments