Insigniaresidential - FSBO

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Sindy M. Maher - Sindy is the newest addition to our real estate practice.  Which, in case you have not noticed, is extremely hot.

Sindy started her career at Dunn Carney as a summer associate in 2005. After passing the Oregon State Bar in Sept. 2006, Sindy joined the real estate practice group and the condominium team at Dunn Carney.

You reap what you sow. This is a lesson I learned years ago when I stood before a judge and was sentenced to federal prison. I am not proud of my past or the choices I made to get the sentence I received, but one thing I learned clearly is - You reap what you sow.

Randall Aaron Davidson, age 58, of Fairborn, Ohio has now learned that as well as he was sentenced to 10 years imprisonment for his role in a conspiracy that defrauded real estate investors and banks of more than $20 million over a seven year period.

According to the US Attorney's office, Davidson led a scheme that involved manipulating documents associated with real estate sales and closings in order to obtain excess mortgage loan proceeds generated from the property sales.

Mary J. Donaldson, Michael McWhirter, Jocelyn Hammond and others were charged along with Davidson in a 14-count indictment on September 14, 2005 with multiple felonies, including money laundering, conspiracy to commit money laundering, conspiracy to conduct fraudulent real
estate transactions, bankruptcy fraud, mail fraud, wire fraud, and falsifying loan applications. Davidson pleaded guilty on February 9, 2007 to one count of bankruptcy fraud and one count of conspiracy to commit money laundering, along with one count of income tax evasion charged in a separate bill of
information. Davidson instigated the mortgage fraud scheme in 1998, which continued until his arrest and indictment in 2005.

As is true in many federal cases, from the time of indictment and arrest to the time of sentencing, many years can pass. More about the crime from the US Attorney's news release:

As leader of the conspiracy, Davidson owned and operated Capital Properties, Knab Mortgage, MJR Telecapital Investments, MTR Property Consultants, and Restoration, Inc. among others. Davidson recruited unsuspecting investors to purchase low income, dilapidated and depressed properties in the Dayton area at prices artificially inflated above legitimate fair-market values. The
mortgages were financed with fraudulent loans facilitated, brokered and closed by Davidson and his conspirators. The conspirators provided the down payments on the properties, paid kick backs to the loan applicants, and opened bank accounts to disguise the true nature, location, source, ownership and
control of the proceeds and profits from the transactions. Davidson also evaded payment of more than $359 thousand in taxes on his $1 million earnings in 2002. At the conclusion of his prison term, Davidson must serve five years on supervised release. He was also ordered to pay a money judgment of $13.1 million.

NOTE: As a speaker on business ethics and white collar crime, I often receive calls from people who have been scammed by activities much like have been reported above. In some cases "straw buyers" are recruited in unsuspecting ways. The call I received just last week reported that he (unnamed for privacy purposes) had been recruited to help out a neighbor - after all had been said and done, his kindness was rewarded by ruining his credit as he was effectively made a straw buyer for a mortgage fraud scheme. REMEMBER: if you don't know everything that is taking place and why, don't do it!

Timothy Pearson was charged in a separate bill of information for his role in the conspiracy. Pearson pleaded guilty on March 12, 2007 to one count of conspiracy to commit money laundering and two counts of attempting to evade of defeat federal income tax. According to the statement of facts filed in court, Pearson participated in approximately 365 fraudulent real estate closings, helping his co-conspirators obtain in excess of $13 million in the scheme. Pearson is scheduled for sentencing in April.

Now, you have to know that he's sweating his sentencing since Davidson got 10 years!

Serving as the closing agent for many of the fraudulent real estate transactions, Jocelyn Hammond was charged in a separate bill of information with conspiracy to commit mail fraud, wire fraud and money laundering. Hammond pleaded to the charges against her on January 29, 2008 and is
scheduled for sentencing in May.

Likewise, I'm sure there's concern after seeing a 10 year prison sentence imposed.

The victims in the conspiracy included more than 70 financial institutions located throughout the United States that were tricked into making loans in excess of the true market value of the homes, along with over 38 real estate investors who were left with overvalued, virtually uninhabitable rental property on which they owed more than the property was worth. The conspiracy involved the fraudulent closing and sale of over 350 residential properties, 300 of which were located in Montgomery County, Ohio.

Every choice has a consequence. As a white collar crime and business ethics speaker, I speak from first hand experience about the truth about consequences. Reality is - no one escapes the consequences of their choices. While Davidson and others may have looked good for a time and avoided the consequences - they did not avoid the consequences all together. Prison is no fun and Davidson is facing 10 years plus substantial restitution for his conviction. Likely he will serve time and that will prove to be a dramatic change from his prior activities. You do reap what you sow.

If anyone reading has any background on Davidson or was defrauded by him - feel free to comment as I study the behaviors and backgrounds of those convicted of white collar crime.

White Collar Crime Speaker - Chuck Gallagher - signing off...

The Fed should think “out of the box”
They should and I say SHOULD because there is no chance they would—Both increase rates and decrease rates.
WWHAT??? Yes both-decrease and increase.

Decrease rates on a set amount!
Estimate $500 billion @ 2% for the housing crisis.
This money would be lent to lending institutions
for a 15 year period provided-They put an immediate end to FORECLOSURES AND SHORT SALE!
According to the “EVERYBODY WIN”plan this should end the housing crisis.

Raise the discount rate if they deemit nesessary to fight inflation.

Avoid foreclosure.  Realtors, real estate agents, mortgage brokers, hud, fha, bankruptcy attorneys must visit our site.

www.myforeclosureprocess.com

check other blogs on active rain regarding foreclosure and how to save your home.

basilovecchio

Not only does owning a home give you a haven for yourself and your family, it also makes great financial sense because of the tax benefits — which you can’t take advantage of when paying rent.

Rent: _________________________

Multiplier: x 1.32

Mortgage payment: _________________________

Because of tax deductions, you can make a mortgage payment — including taxes and insurance — that is approximately one-third larger than your current rent payment and end up with the same amount of income.

Courage is resistance to fear, mastery of fear - not absence of fear.

If you are living in LaVergne and the surrounding area, there are some things coming this week that you might want to be aware of.

The annual Rabies Clinic is being held this week in Rutherford County. That means you can bring your pets to participating veterinarians for $10 rabies shots.  I took my babies last year to the LaVergne Veterinary Clinic (participating again this year).  They set up a technician right on the front porch.  You just pull up, fill out a form, pay your $10 p/pet, get your paperwork and rabies tag, and drive home.  The Rabies Clinic will be available this coming week from 7:30 a.m. - 6:00 p.m. Monday through Friday, and 8:00 a.m. - 12:00 noon on Saturday.

You can now pre-order the LaVergne Senior Citizen's recipe book, available at the end of May or the first of June. The cost is $12 and money will be applied toward renovations of the LaVergne Senior Citizens Center at 337 Stones River Rd.  Contact Pam Yenney at 793-3048 for more information!

I just listed a cute home in Murfreesboro. I just had to slide that in here because it's oh-sooo-cute!

Operation CODE RED.  Did you know if you want to put a swimming pool in your yard and it's over 2 feet deep, you have to get a permit?  If you have a complaint about a neighbor's tall grass or abandoned car, you can also contact codes to take care of the problem.  Their number?  213-2624. 

And the BIG NEWS... open auditions to play an "Extra" in the upcoming Hannah Montana, to be filmed in Nashville.  Auditions are from 11 a.m. to 2 p.m. on April 6 at Sommet Center, 501 Broadway. According to The Tennessean,

People who want to be considered must bring a recent 4-inch by 6-inch snapshot and a pen. Adults must accompany minor children at the call and during any work. No experience is necessary.