David Saks: Father and Son Convicted in Real Estate Investment Fraud

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

Father and Son Convicted in Real Estate Investment Fraud

Former Brighton Resident and Son Convicted in Real Estate Investment Fraud

U.S. Attorney’s Office March 27, 2013
  • Eastern District of Michigan (313) 226-9100
 

A Brighton businessman and his son were found guilty today by a federal jury of conspiracy and multiple counts of wire fraud, announced United States Attorney Barbara L. McQuade.

U.S. Attorney McQuade was joined in the announcement by Robert D. Foley, III, Special Agent in Charge of the Detroit Office of the Federal Bureau of Investigation, and Merri Jo Gillette, Regional Director of the Chicago Office of the Securities and Exchange Commission.

The jury convicted John Bravata, 45, and Antonio Bravata, 25, after an eight-week trial before U.S. District Judge Paul D. Borman.

As part of the same prosecution, a guilty plea to wire fraud was entered by Richard J. Trabulsy, 32, of Canton, a former business partner of John Bravata.

The evidence at trial showed that from 2006 to 2009, John Bravata conspired with his son Antonio Bravata to defraud more than 500 investors of more than $50 million, money that largely represented the life savings of investors. In executing the scheme to defraud John and Antonio Bravata solicited money for their company “BBC Equities” by using false and fraudulent statements and promises. These false statements included promises of guaranteed safety of principal and high interest returns. Rather than investing the money in safe real estate transactions as promised, a large portion of the money was used by the defendants to support their lavish lifestyles.

Both John Bravata and Antonio Bravata furthered their scheme to defraud through free lunch seminars that targeted retirees. At these presentations, they not only made false promises of a safe investment, but they falsely claimed that they did not get paid unless the company was profitable, that no fees or commissions would be charged or taken on investments, and that real estate was purchased with cash.

John Bravata was convicted of conspiracy to commit mail and wire fraud and 15 counts of wire fraud. Antonio Bravata was convicted of conspiracy to commit mail and wire fraud. Each count carries a maximum possible penalty of 20 years in prison and a $250,000 fine.

“White-collar criminals may use sophisticated methods, but their crime is nothing more than stealing other people’s money,” McQuade said. “These defendants targeted and preyed upon victims and stole their life savings. Many of these victims are seniors who lack the resources or the time to recoup the loss.”

FBI Special Agent in Charge Foley stated, “These individuals engaged in an investment scheme that stole millions of dollars from hundreds of investors. The FBI is committed to stopping such predatory acts and holding criminals responsible.”

Sentencing has been set for June 18, 2013. Bond was continued as to defendant Antonio Bravata. John Bravata’s detention was continued.

The case was prosecuted by Assistant United States Attorneys Frances Carlson and Karen Reynolds, as well as Special Assistant United States Attorney Jonathan Polish. SAUSA Polish was detailed to this case from the Chicago Region of the Securites and Exchange Commission. The case was investigated by the FBI and the SEC.

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 6 commentsDavid Saks • March 28 2013 01:05PM

Comments

It is great that they got the guilty parties but what about the companies that are too big to fail. We are being defrauded by large banks & corporations & nothing happen. Oh yes they caught HSBC laundering drug money & fined them $1 billion dollars. They made $10 billion doing it. No body went to jail on that scheme. Great example set for others.

Posted by Jimmy Faulkner, The Best Of St. Augustine (Florida. Homes Realty & Mortgage) over 6 years ago

This is the tip of the iceberg for damage done to many people

Posted by Lori Bowers, The Lori Bowers Group over 6 years ago

Well thank goodness they were found out and brought to justice.  There are so many scams going on, especially in our industry, it's hard to keep up.

Posted by Jean Hanley, Specializing in Folks Who Want To Buy/Sell Homes (Coldwell Banker Kivett Teeters) over 6 years ago

Jimmy, the swindle gets passed from the ground up in the real estate business. It's starts when the foundation is poured.

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

There's so much fraud in the real estate business, Lori, that it's more like a grain of sand in the Sahara in comparison to the losses over the last thirteen years.

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

Jean, I'm deluged with court reports, notices and details of conviction and indictment for real estate, financial and mortgage crimes.

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

This blog does not allow anonymous comments