David Saks: RE AGENT, MORTGAGE BROKER & INSURANCE ADJUSTER GO TO JAIL FOR ARSON

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

RE AGENT, MORTGAGE BROKER & INSURANCE ADJUSTER GO TO JAIL FOR ARSON

3 Go to Jail for Arson, Insurance and Mortgage Fraud

Gerardo Wilhelm, Miami, Florida, Juan J. Flores, Ocala, Florida, and Alejandro Figueredo, Miami, for their participation in a townhouse arson, mortgage fraud and insurance fraud scheme that resulted in losses of more than $500,000. On July 24, 2012, U.S. District Judge Kathleen M. Williams sentenced Figueredo to 40 months in prison and Wilhelm to 54 months in prison. Flores was sentenced on July 19, 2012 by Judge Williams to 60 months in prison.

According to the indictment and statements made in court during the guilty pleas, Wilhelm, a real estate agent, Flores, a mortgage broker, and Figueredo, an insurance adjuster, engaged in a string of federal crimes involving a townhouse in Miami-Dade County, Florida. In early 2006, Wilhelm obtained mortgage loans to purchase the property by misrepresenting his and his wife's employment and by falsely stating that they intended to use of the property as their primary residence.

Wilhelm then rented the townhouse until it no longer generated income. In late 2007, after foreclosure proceedings were initiated against him, Wilhelm hired Flores and Figueredo to burn down the house. Figueredo received second and third-degree burns to approximately a third of his body from the explosion. After the fire, defendant Wilhelm submitted a fraudulent insurance claim for the damage, and received approximately $180,000 in insurance proceeds, made payable to the lender. However, Wilhelm forged the endorsement on the insurance check and kept the money.

After misappropriating the insurance money, Wilhelm obtained a loan modification, in the form of a short sale, from the defrauded lender that held the mortgage loans on the townhouse. In carrying out this short sale, Wilhelm hired a straw buyer to purchase the property. After the sale was completed, the straw buyer transferred the townhouse title to Wilhelm. Thereafter, Wilhelm and his accomplices sold the townhouse for $240,000, resulting in a $500,000 loss to the financial institutions.

Wifredo A. Ferrer, U.S. Attorney for the Southern District of Florida; Hugo J. Barrera, Special Agent in Charge, Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF); and James K. Loftus, Director, Miami-Dade Police Department (MDPD), announced the sentencings.

U.S. Attorney Ferrer commended the hard work of the Federal State Mortgage Fraud Strike Force, with special commendation to ATF and Miami-Dade Police Department. The case was prosecuted by Assistant U.S. Attorney Roger Cruz.

source: FBI




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 • August 03 2012 09:58AM

Comments

This blog does not allow anonymous comments