David Saks: Cleveland Man Indicted on Fraud - $1.2 Million Purchase of Home

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Cleveland Man Indicted on Fraud - $1.2 Million Purchase of Home

Cleveland Man Indicted on Fraud Charges

Related to $1.2 Million Purchase of Richfield

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U.S. Attorney’s Office April 08, 2015
  • Northern District of Ohio (216) 622-3600

A Cleveland man was indicted on bank fraud charges related to the fraudulent purchase of a Richfield home for nearly $1.2 million, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio.

Damone Tyson, 49,

was indicted on one count of conspiracy to commit bank fraud and one count of bank fraud. His actions resulted in a $631,854 loss to IndyMac Bank, according to the indictment.

Tyson served as president an agent for a consulting company known as Athletes & Entertainers, Inc. in Cleveland. The company represented that it provided financial, personal and business advice to professional athletes and entertainers, according to the indictment.

In 2007, Tyson directed a straw buyer to purchase the residential property at 3400 East Galloway Drive in Richfield. The straw buyer paid $1,189,000 for the home, which Tyson used as his primary residence. The straw buyer was able to arrange financing through only after making several false statements on loan applications about her income, savings, job title and other topics. These false statements were made at Tyson’s direction, according to the indictment.

The loans, obtained by the straw buyer at Tyson’s direction, eventually went into foreclosure, causing the loss to IndyMac Bank, according to the indictment.

Assistant United States Attorneys Mark Bennett and Derek Kleinmann are prosecuting the case following an investigation by the Federal Bureau of Investigation.

An indictment is only a charge and is not evidence of guilt. A defendant is entitled to a fair trial where it is the government’s burden to prove guilt beyond a reasonable doubt.

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Comment balloon 5 commentsDavid Saks • April 09 2015 11:34AM

Comments

Oh boy.  These fraudsters always think they're smarter than the last ones who were indicted for a different form of the same thing.

Posted by Jill Murty, Realtor - Orange County, CA (PREA Realty) about 4 years ago

David Saks it always amazes me that these guys can find someone else (the straw buyer) to insulate them from the fraud. I'm glad he didn't stay insulated.

Posted by Bob "RealMan" Timm, Owner of Ward Co. Notary Services, retired Realtor (Ward County Notary Services) about 4 years ago

Ther's always a paper trail. Why didn't they verify the info on the applicatication? there alwyas seems to be several people involved in these schemes that should have seen something wasn't right from the start.

Posted by Jeff Pearl, Full Service Full Time Realtor (RE/MAX Distinctive / LIC in VA) about 4 years ago

David - Good to see that another crook was caught. Another one bites the dust.

Posted by Troy Erickson AZ Realtor (602) 295-6807, Your Chandler, Ahwatukee, and East Valley Realtor (Good Company Real Estate www.ChandlerRealEstate.weebly.com) about 4 years ago

Yea, I am so glad that this man was indicted. But he will not the last one.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) about 4 years ago

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