Arizona Attorney General Terry Goddard is suing multiple real estate agencies and professionals over alleged home foreclosure fraud.
Goddard filed the suit against 13 real estate entities, targeting an alleged three-part multi-million dollar real estate fraud scheme.
The complaint states that the defendants deceived under-qualified investors into buying homes and then sold the properties to rent-to-own buyers.
Among the accused are a real estate agent, a real estate broker and several loan officers.
According to an AZBiz.com article the broker, Vince Volpe of RE/Max All Executives, says he wasn’t involved and is cooperating with the AG’s office. The accused agent, Andrew Silverstein, is not longer at Volpe’s office.
Therein lies one of the risks of being a real estate broker. You are liable if someone in your brokerage does something stupid, a category that clearly fraud falls under.
Here’s something I struggle with:
Under the investments scheme, Goddard said, the defendants deceived more than 130 investors into buying multiple investment homes under a "worry free" guarantee requiring little or no startup capital. However, once the down payment was made, the investors stopped receiving rental payments. (my emphasis)
There is no “worry free” investment. Ever. Period. I suppose Treasury Bills are about as worry free as they come, they are backed by the U.S. government after all. So unless it fails”¦. well, so maybe nothing is truly worry free.
In all seriousness, if some investment group promises you untold riches, or makes claims of guaranteed success or proclaims some fool-proof process, don’t walk away.
Run.
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
I completely agree, there is no such thing as "worry free", even something as simple as getting a cell phone these days is encumbered with heavy contracts that take away your right to the judicial system and instead forces you into binding arbitration (which is essentially a group of retired judges who are paid by the wireless company to rule in their favor). If you dont believe me, look it up, its a horrid perversion of the justice system.
Foreclosure fraud is something to always look out for.
An investment isn't always a win situation. Look at the stock market. During the boom, everyone thought they were investors. Look at all the “get rich quick with no money down in Real Estate” books out there. While professionals need to be held accountable if they broke laws, ethics, or other rules, so do the investors.
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This is an absolutely terrible story that gives honest agents and brokers a bad name. Thanks for bringing it to our attention.
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