David Saks: REAL ESTATE DEVELOPER GUILTY OF DEFRAUDING INVESTORS OF $6.9 MILLION

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

REAL ESTATE DEVELOPER GUILTY OF DEFRAUDING INVESTORS OF $6.9 MILLION

Folsom Developer Pleads Guilty to Defrauding Investors of $6.9 Million

U.S. Attorney’s Office September 14, 2012
  • Eastern District of California (916) 554-2700
 

SACRAMENTO, CA—Sacramento developer David Romo, 42, of Folsom, pleaded guilty today to mail fraud, wire fraud, and money laundering related to a real estate investment scheme that defrauded investors of more than $6.9 million, United States Attorney Benjamin B. Wagner announced.

According to court documents, Romo, using his companies Sycamore Ventures LLC, Smarie Investments LLC, and Groupo Immobiliare LLC, solicited individuals to fund various real estate developments.

Rather than using the monies for the intended purpose, Romo diverted funds to his own personal use and to pay unrelated prior business expenses.

Romo told investors he had not suffered any adverse court actions, failing to disclose that he had been convicted of bank fraud in United States District Court in Sacramento in 2002.

Court records indicate that Romo may have begun soliciting investors in the current scheme while he was on federal supervised release for his previous criminal conviction.

This case is the product of an investigation by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation. Assistant United States Attorneys Russell L. Carlberg and Michael D. Anderson are prosecuting the case.

Romo is scheduled to be sentenced by United States District Judge Garland E. Burrell Jr. on November 30, 2012. He faces a maximum statutory penalty for a violation of mail fraud and wire fraud of 20 years in prison, a $250,000 fine, and a three-year period of supervised release. Money laundering carries up to 10 years in prison, a $250,000 fine, and a three-year period of supervised release. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

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 • September 17 2012 02:48PM

Comments

This blog does not allow anonymous comments