David Saks: CON ARTIST GETS 37 MONTHS FOR MORTGAGE FRAUD - 2ND TIME FOR SWINDLER

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

CON ARTIST GETS 37 MONTHS FOR MORTGAGE FRAUD - 2ND TIME FOR SWINDLER

Former Connecticut Resident Sentenced to 37 Months in Prison for Mortgage Fraud Offenses

U.S. Attorney’s Office February 21, 2013
  • District of Connecticut (203) 821-3700
 

David B. Fein, United States Attorney for the District of Connecticut, today announced that ERIC S. SCHERZ, 44, of Stuart, Florida, formerly of Barkhamsted, Connecticut, was sentenced yesterday by United States District Judge Vanessa L. Bryant in Hartford to 37 months of imprisonment followed by three years of supervised release for mortgage fraud offenses.

According to court documents and statements made in court, in October 2007, SCHERZ secured a $417,000 mortgage loan to finance the purchase of a property in Barkhamsted.

In April 2008, SCHERZ created a fraudulent release of mortgage on the property stating that the lender, a fictitious company SCHERZ created, had received full payment of the loan. SCHERZ subsequently filed the fraudulent release of mortgage with the Town of Barkhamsted.

SCHERZ stopped making payments on his mortgage in March 2009, but in April 2009, he made three fraudulent payments via wire transfer to his mortgage lender that he knew would be and were, in fact, reversed for insufficient funds.

In May 2009, SCHERZ sold the Barkhamsted property for $299,000 to a buyer who relied on the fraudulent release of mortgage as being genuine. At the time of the sale, SCHERZ’s unpaid principal balance on his mortgage was $410,718.56. SCHERZ did not use any of the $299,000 from the fraudulent sale to his pay his outstanding mortgage debt.

On January 6, 2012, SCHERZ waived his right to indictment and pleaded guilty to three counts of wire fraud.

SCHERZ has previously served a 70-month federal term of

imprisonment for his role in a mortgage fraud scheme in Florida in the 1990s.

This matter was investigated by the Federal Bureau of Investigation and was prosecuted by Assistant United States Attorney Michael J. Gustafson.

source: FBI



David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • February 21 2013 04:13PM

Comments

These con artists are getting caught ..But there are so many more that have cheated people

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) about 6 years ago

For each one that's caught there are dozens more that are yet to be exposed, Hannah.

Posted by David Saks ((retired)) about 6 years ago

This blog does not allow anonymous comments