David Saks: 4 Arrested Alleged Lured Elderly Investors Into Investing Home Equity

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

4 Arrested Alleged Lured Elderly Investors Into Investing Home Equity

Arrests Made in Conjunction with Benchmark Investigation

U.S. Attorney’s Office May 24, 2013
  • Eastern District of Tennessee (865) 545-4167
 

KNOXVILLE—On Thursday, May 23, 2013, four individuals were taken into custody by federal agents in conjunction with an investigation involving Benchmark Capital Inc. Brian Murphy, Paulynn Wright, and Dona Rector were arrested Thursday morning by federal agents. Tiffiny Thompson voluntarily surrendered to authorities after being informed that charges has been filed against her. Murphy and Thompson pleaded not guilty during their arraignment before U.S. Magistrate Judge H. Bruce Guyton. The arraignment of Wright and Rector has been scheduled for May 24, 2013, at 10:00 a.m..

All four were released pending trial, which will be scheduled at a status conference on June 4, 2013.

Charges against these four individuals are contained in a superseding indictment returned by a federal grand jury on May 21, 2013. Murphy, Thompson, and Wright are charged with conspiracy to commit mail and wire fraud and money laundering. Rector is charged with conspiracy to commit wire fraud. The superseding indictment also contains additional charges against Joyce Allen and Kay Thomas, who were initially indicted in July 2012.

The money laundering conspiracy charge carries a maximum sentence of 20 years in prison. The maximum sentence for the fraud conspiracy charge is 30 years in prison.

The indictment alleges that Benchmark Capital Inc. was engaged in an elaborate scheme that lured investors, many of whom were elderly, into investing their retirement savings and the equity in their homes in phony annuity investments. According to the indictment, more than $42.6 million was invested in the Benchmark scheme, resulting in a net loss of more than $18 million to investors.

The scheme unraveled early last year, following the suicide of Charles Candler in March 2012.

Here is a copy of the IRS Letter warning investors:

IRS Letter

This indictment is the result of an investigation by the Internal Revenue Service, U.S. Postal Inspection Service, and Federal Bureau of Investigation. Assistant U.S. Attorney Frank M. Dale, Jr. is representing the United States.

Members of the public are reminded that an indictment constitutes only charges and that every person is presumed innocent until their guilt has been proven beyond a reasonable doubt.

source: FBI

http://www.fbi.gov/knoxville/press-releases/2013/arrests-made-in-conjunction-with-benchmark-investigation?utm_campaign=email-Immediate&utm_medium=email&utm_source=knoxville-press-releases&utm_content=228857




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 4 commentsDavid Saks • May 29 2013 08:28AM

Comments

how do they sleep at night cheating senior citizens out of their savings

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

David, There should be an extra penalty for conviction of crimes against elderly people.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) over 6 years ago

With one eye open, Hannah.

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

The FBI has an excellent page about fraud prevention with resources, links and suggestions explaining how seniors can protect themselves against swindlers, Noah, and includes important information about reverse mortgage fraud. FBI-Seniors (click)

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

This blog does not allow anonymous comments