David Saks: Minnesota Man Indicted For Stealing $1 Mil+ In Real Estate Investments

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

Minnesota Man Indicted For Stealing $1 Mil+ In Real Estate Investments

Minnesota Business Owner

Indicted For Stealing More Than

$1Million in Real Estate Investments

U.S. Attorney’s Office September 25, 2014
  • District of Minnesota (612) 664-5600

 

United States Attorney Andrew M. Luger today announced the indictment of

MICHAEL JOHN MANGAN, 43,

owner of multiple Minnesota-based businesses, on four counts of Wire Fraud and three counts of Mail Fraud.

MANGAN is charged with stealing over $1 million of investment funds and loans which he claimed would be used to fund and grow his various real estate-oriented businesses.

The charges contained in the indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

According to documents filed in court, from October 2009 until at least November 2011, MANGAN was the principal officer of High Point Construction & Remodeling LLC, High Point Property Management LLC, High Point Group World Wide LLC, High Point Education LLC and Fortune Forward Education.

As part of the scheme, MANGAN allegedly used these businesses to solicit thousands of dollars in investments and loans in various real estate-oriented projects.

During the indicted period, MANGAN was able to defraud his investors by lying about, among other things, the success and profitability of his businesses and providing investors with false financial statements to that effect.

Other solicitation tactics that MANGAN used included the promise of company shares, employment and leadership positions on the board of directors of his companies and falsely representing that the companies’ business operations would generate returns on their investments.

According to the indictment, MANGAN used some of investors’ money to fund his own lifestyle, pay personal expenses and make Ponzi-type payments to other investors. When investors demanded repayment or threatened to report him to law enforcement, MANGAN would attempt to buy more time by making lulling payments or issuing checks he knew to be worthless.

This case is being prosecuted by Assistant U.S. Attorney Michelle E. Jones.

This case is the result of an investigation conducted by the Federal Bureau of Investigation.

Defendant Information:

MICHAEL JOHN MANGAN, 43

Charges:

  • Wire Fraud, four counts
  • Mail Fraud, three counts

 

This content has been reproduced from its original source.

http://www.fbi.gov/minneapolis/press-releases/2014/minnesota-business-owner-stole-more-than-1-million-in-real-estate-investments?utm_campaign=email-Immediate&utm_medium=email&utm_source=fbi-in-the-news&utm_content=360025




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • September 25 2014 09:18PM

Comments

David, This sounds like the man indicted for $1,000,000 in fraud may have been seriously bit by the wire fraud and mail fraud as well.

Posted by Sam Miller, Knox County Ohio Real Estate Specialist (RE/MAX Stars Realty) over 5 years ago

Thanks for the note, Sam.

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

This blog does not allow anonymous comments