David Saks: BUSINESSMAN AND OTHERS SENTENCED IN REAL ESTATE INVESTMENT FRAUD CASE

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

BUSINESSMAN AND OTHERS SENTENCED IN REAL ESTATE INVESTMENT FRAUD CASE

Former Mountain View Businessmen Sentenced in Real Estate Investment Fraud Case

U.S. Attorney’s Office October 17, 2012
  • Northern District of California (415) 436-7200
 

SAN FRANCISCO—Edward G. Locker was sentenced this week to 30 months in prison for his role in a real estate investment fraud scheme, United States Attorney Melinda Haag announced.

On September 24, 2012, co-defendants Richard F. Tipton and David C. H. Lin were sentenced to 18 and 28 months in prison, respectively, for their role in the same scheme.

On August 20, co-defendant James W. Ward was sentenced to 60 months’ imprisonment for his role in the scheme. The court imposed these sentences based upon the defendants’ convictions for engaging in a conspiracy to commit mail and wire fraud in connection with their operation of Mountain View private money lenders known as Jim Ward and Associates Inc. and JSW Financial Inc.

Messrs. Ward and Locker pleaded guilty on December 6, 2011, to conspiracy to commit mail and wire fraud. On December 7, 2011, Mr. Tipton pleaded guilty to the same offense. According to their plea agreements, Messrs. Ward, Locker, and Tipton admitted that they deceived investors in Jim Ward & Associates Inc. (JWA) and its successor, JSW Financial Inc. (JSW).

Using funds obtained from investors, the defendants, through JWA and JSW, arranged and serviced private money loans to borrowers who built single family homes. JWA and JSW offered investors the opportunity to invest in fractional interests in these loans and in the Blue Chip Realty Fund LLC (Blue Chip) and Shoreline Investment Fund LLC (Shoreline).

According to those defendants’ plea agreements, JWA and JSW generated and provided documents to investors that represented that Blue Chip and Shoreline made and invested in loans that were secured by deeds of trust on real property. However, the defendants knew that those representations were false, because JWA and JSW did not secure investments in Blue Chip and Shoreline.

On May 15, 2012, after an eight-day trial, a jury convicted Mr. Lin of conspiring to commit mail and wire fraud and on 16 counts of mail fraud and one count of wire fraud. The evidence at trial showed that Lin and his co-conspirators deceived investors about the security of their investments in Blue Chip and Shoreline and spent Blue Chip and Shoreline money in an unsecured manner on failed real estate projects and for other purposes such as interest payments and business expenses. Ultimately, Blue Chip and Shoreline investors suffered a multi-million-dollar loss.

Mr. Ward, 66, of Delaware, Ohio; Mr. Locker, 37, of Highland Heights, Ohio; Mr. Tipton, 62, of Palo Alto, California; and Mr. Lin, 44, of Sunnyvale, California, were indicted by a federal grand jury on June 21, 2011. All defendants were charged with eighteen counts alleging conspiracy to commit mail and wire fraud, mail fraud, and wire fraud, in violation of 18 U.S.C. §§ 1349, 1341, and 1343.

The sentence was handed down by U.S. District Court Judge Thelton E. Henderson. Judge Henderson also sentenced each defendant to a three-year period of supervised release and to pay restitution in an amount to be determined at a hearing on October 29. All of the defendants were ordered to begin serving their prison sentences on January 7, 2013.

Thomas E. Stevens and Kyle F. Waldinger are the Assistant U.S. Attorneys who are prosecuting the case with the assistance of Rawaty Yim. The prosecution is the result of a two-year investigation by the Federal Bureau of Investigation. The United States Attorney’s Office recognizes the valuable assistance of the San Francisco Regional Office of the Securities and Exchange Commission in this matter.

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 • October 18 2012 09:38AM

Comments

This blog does not allow anonymous comments