David Saks: CEO of Free Truth Enterprises Sent to Prison for Tax & Mortgage 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

CEO of Free Truth Enterprises Sent to Prison for Tax & Mortgage Fraud

 

CEO of Free Truth Enterprises Sentenced to Prison for Tax Fraud and Mortgage Loan Fraud


U.S. Attorney’s Office January 30, 2014
  • Southern District of Ohio (937) 225-2910

CINCINNATI, OH—Regina Shields, 41, of Cincinnati, Ohio, was sentenced in US. District Court to 12 months and one day in prison and ordered to pay $202,806 in restitution to the Internal Revenue Service and the lender she defrauded in a mortgage fraud scam.

Carter M. Stewart, United States Attorney for the Southern District of Ohio; Kathy A. Enstrom, Special Agent in Charge, Internal Revenue Service Criminal Investigation, Cincinnati Field Office; and Kevin R. Cornelius, Special Agent in Charge, Federal Bureau of Investigation (FBI), announced the sentence handed down today by Chief U.S. District Court Judge Susan J. Dlott.

Shields pleaded guilty in June 2013 to one count of filing a false income tax return and one count of wire fraud. According to court documents, Shields formed a non-profit corporation called Free Truth Enterprises and has served as the president and CEO since 2000.

From 2007 through 2010, Shields filed federal income tax returns with the IRS claiming $61,315 in false claims for income tax refunds.

“The mortgage loan offense involves a brazen scheme whereby she bid for and won a sheriff’s auction for a property that was in foreclosure,” Assistant U.S. Attorney Tim Mangan told the court.

“She then purported to pay for the property using a check that had insufficient funds.

To make matters worse, the defendant then used this temporary appearance of title to apply for a sizable loan from Quicken Loans in excess of $140,000.

She then used the proceeds to purchase a luxury car.”

Shields’ sentence includes restitution to the IRS in the amount of $61,315 and restitution in the amount of $141,491 to Title Source Inc. (related to Quicken Loans).

Stewart commended the cooperative investigation by special agents of IRS-Criminal Investigation and the FBI, Assistant United States Attorney Timothy Mangan who prosecuted the case.

source: FBI

http://www.fbi.gov/cincinnati/press-releases/2014/ceo-of-free-truth-enterprises-sentenced-to-prison-for-tax-fraud-and-mortgage-loan-fraud?utm_campaign=email-Immediate&utm_medium=email&utm_source=fbi-in-the-news&utm_content=294021

 




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 8 commentsDavid Saks • January 30 2014 02:39PM

Comments

David- I just stopped over after reading Debbie's post.  Re this post...It is amazing what some who should know better and do, thumb their nose at the system. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) about 5 years ago

Fraud is as common in the real estate business as a Lincoln penny is in your change, Kathy.

Posted by David Saks ((retired)) about 5 years ago

Hello David, like Kathy, I stopped by after reading Debbie's great introduction post. No matter how much money, certainly not worth it. It's sad some will go that low.

Posted by Beth Atalay, Cam Realty of Clermont FL (Cam Realty and Property Management) about 5 years ago

Thanks for stopping by, Beth. I appreciate Debbie's blog, and I'm very happy to hear from you and Kathy. Have a terrific day ahead.

Posted by David Saks ((retired)) about 5 years ago

David it amazes me the  lack of character some people have just for getting money!, Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) about 5 years ago

Deplorably, in some parts of the country, in this business, it's a revolving door, Endre. Glad to hear from you.

Posted by David Saks ((retired)) about 5 years ago

Hi David, the sad thing is people like Cathy don't realize it is more work to be a crook then to be honest. A reputation for integrity will pay a lifetime of dividends.

Posted by Eric Galuppo (Real Estate Rev - More Leads Means More Revenue) about 5 years ago

A good name means more than any money can buy, Eric. Thanks for reviewing the press release.

Posted by David Saks ((retired)) about 5 years ago

This blog does not allow anonymous comments