David Saks: Former Real Estate Investor Sentenced to Five Years in Prison

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Former Real Estate Investor Sentenced to Five Years in Prison

Former Real Estate Investor Sentenced to Five Years in Prison for Bank Fraud and Money Laundering

U.S. Attorney’s Office December 09, 2013
  • Middle District of Florida (813) 274-6000

ORLANDO—U.S. District Judge Gregory A. Presnell today sentenced

James Olivos (47, Lake Mary)

to five years in federal prison for bank fraud and money laundering.

As part of his sentence, the court also entered a money judgment in the amount of $2,866,121.39, the proceeds of the fraud scheme. Olivos pleaded guilty on September 18, 2013.

According to court documents, between March 2003 and November 2007, Olivos engaged in a scheme wherein he recruited other individuals ("straw purchasers") to purchase expensive homes, which they could not afford.

Olivos prepared loan applications for these straw purchasers, which grossly overstated their incomes and gave false employment histories.

Additionally, these applications stated that these homes would be used as primary residences, but Olivos had actually told these buyers that the homes would be investments and that he would find renters to cover the mortgage payments.

Further, in order to increase his profits, Olivos convinced the sellers of the homes to inflate the sales prices by stating additional money would be necessary for home improvement.

Olivos would then split the proceeds of the sales with the sellers.

As a result of this fraud, Olivos caused a total loss to the lenders of approximately $3.2 million dollars.

This case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation. It was prosecuted by Assistant United States Attorney Vincent S. Chiu.

source: FBI

http://www.fbi.gov/tampa/press-releases/2013/former-real-estate-investor-sentenced-to-five-years-in-prison-for-bank-fraud-and-money-laundering?utm_campaign=email-Immediate&utm_medium=email&utm_source=fbi-in-the-news&utm_content=280656

 




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Comment balloon 10 commentsDavid Saks • December 10 2013 07:00AM

Comments

Crime does not pay . These people thought it did and for a short time it did . They did get caught

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

It pays the prosecuting attorney, Hannah. Thanks for the note. Hope you're having a great day.

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

Those 5 years cannot be long enough for this type of fraud.  Unfortunately, hard labor is no longer an option...

Posted by AJ Heidmann ~ CRS, YOUR Alexandria & Arlington, VA Real Estate Expert (McEnearney Associates, Inc.) over 6 years ago

David when will these people learn that you break the law it will eventually catch up with you.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) over 6 years ago

Thanks for the note, AJ. It really is a terrible crime, and tragically, lots of it still going on.

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

They never will, Jennifer, as long as there's a loophole for them to crawl through.

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

I am just amazed how far behind they are with prosecuting this stuff.  Wait till the stuff that's going on now comes out......

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) over 6 years ago

Ditto, Renee'. Those swindlers don't know when to give it up.

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

Some people never learn that fraud and deception is always a loosing venture.

Posted by Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty, Sun City Grand in Surprise Arizona (Leolinda Realty) over 6 years ago

The learn how to make license plates, Leolinda. And the state wins because of the cheap labor. Glad to hear from you.

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

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