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  #81 (permalink)  
Old 10-27-2007, 02:12 AM
2trustin 2trustin is offline
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Default Irs

How Do You Report Suspected Tax Fraud Activity?

Here's the link for reporting suspected fraud to the IRS.

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  #82 (permalink)  
Old 10-27-2007, 06:52 AM
Sage Griot Sage Griot is offline
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Quote:
Originally Posted by nofraudhere View Post
Sage the lender has to note on the hud if the property is a primary residence or a rental or investment. The difference is very important for various reasons. Interest rates, insurance, etc. All this has to be disclosed to the lender, then approved by the underwriter of the mortgage company. Then the paper work goes to the title company where it processed. If this is falsified in anyway it is FRAUD. If you are a betting person I bet if the huds are reviewed on the properties someone would find all kinds of discrepencies.
.........It's really not about the mortgages, though. The allegations are selling unregistered securities. Maybe IF the gov't looks at the realtors, brokers, and appraisors, we will hear about some problems with the mortgages, but we're not there yet.

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  #83 (permalink)  
Old 10-27-2007, 06:20 PM
nofraudhere nofraudhere is offline
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Originally Posted by Sage Griot View Post
.........It's really not about the mortgages, though. The allegations are selling unregistered securities. Maybe IF the gov't looks at the realtors, brokers, and appraisors, we will hear about some problems with the mortgages, but we're not there yet.
I wouldn't be surprise if law enforcemnt is not to far away from realizing the appraisers played a very important role in this scam. The appraisers and mortgage loan officers worked very closely with the representatives from MDH and the parent company Metro Grapevine.

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  #84 (permalink)  
Old 10-29-2007, 10:29 PM
hardknocklife hardknocklife is offline
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Quote:
Originally Posted by nofraudhere View Post
Sage the lender has to note on the hud if the property is a primary residence or a rental or investment. The difference is very important for various reasons. Interest rates, insurance, etc. All this has to be disclosed to the lender, then approved by the underwriter of the mortgage company. Then the paper work goes to the title company where it processed. If this is falsified in anyway it is FRAUD. If you are a betting person I bet if the huds are reviewed on the properties someone would find all kinds of discrepencies.
YEAH MAYBE ON THE NEW HOMES THAT WENT THROUGH VA, I WAS TOLD THAT 80% OF THE HOMES WERE REFI, AND MDH WAS NOT LISTED ON THE HUD. THE PERSON JUST ASKED FOR A CASH OUT AND GAVE THE PROCEEDS TO MDH

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  #85 (permalink)  
Old 10-30-2007, 01:43 PM
Schloggie Schloggie is offline
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Default Fredericksburg Paper 10/30

Fredericksburg.com - Little hope for Dream Homes' buyers

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  #86 (permalink)  
Old 10-31-2007, 02:46 AM
Sage Griot Sage Griot is offline
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Thanks Schlogie
Three Hundred Million in debt vs. 150,000 in assets....more than twice as much fraud as was discussed previously. Metropolitan Money store was estimated at 60 Million. This level of debt seems to be well more than 2x the amount spent on the mortgages (given a very conservative estimate of 900 mortgages x 5k per mortgage x 24 months=108 million). At least some went to charity, but it looks like there's no hope for any relief to the homeowners. If the reports of expensive automobiles and real estate are accuarate, maybe they are not being counted as company assets so the recoverable amount could go higher, but AHW and associates are not cooperating. Its a damn shame. Still NOTHING from the Washington Post? Disgusting.

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  #87 (permalink)  
Old 10-31-2007, 04:45 AM
RPeroutka RPeroutka is offline
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Default Receivership Website

As many readers of this site may know, the Circuit Court for Prince George's County entered an Order yesterday placing Andrew H. Williams Jr., POS DH, LLC and Metropolitan Grapevine, LLC into receivership. The Order also continued, on an indefinate basis, the freeze of assets held by related entities. Invotex Group, a Maryland headquartered forensic accounting firm, was originally appointed as an Examiner in this matter. The Order entered yesterday appointed Invotex Group as Receiver for the three entities.

This posting will make you aware that the Receiver has set up a website through which interested parties may obtain information about this matter. The URL for the website is POS. The website also has an e-mail link through which you can contact Receivership staff. Every effort will be made to keep the information posted on the website current. Although, with several hundred investors involved, the Receivership staff will initially focus on answering general questions with applicabilty to most investors rather than specific questions about individual investments.

Thank you for your cooperation in this investigation.

Raymond J. Peroutka, Jr.
Managing Director
Invotex Group

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  #88 (permalink)  
Old 10-31-2007, 11:49 AM
JustAMom JustAMom is offline
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Just a question. With available assets that low, why can't homes owned by those involved, ex., the 900 thousand plus home in Spotsy, the million dollar vacation home in SC, the Mercedes, etc, etc, etc, be confiscated for the benefit of those who lost funds. Aren't these considered assets also? If these homes were purchased with cash, don't the individuals involved have to show where that "cash" came from? And what if the homes were put in another persons name, are they then exempt from any attachment to this? Just wondering.

Also, aren't the banks, appraisers, mortgage loan officers, realtors, builders, etc., involved responsible also?

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  #89 (permalink)  
Old 10-31-2007, 02:30 PM
Sage Griot Sage Griot is offline
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Quote:
Originally Posted by JustAMom View Post
Just a question. With available assets that low, why can't homes owned by those involved, ex., the 900 thousand plus home in Spotsy, the million dollar vacation home in SC, the Mercedes, etc, etc, etc, be confiscated for the benefit of those who lost funds. Aren't these considered assets also? If these homes were purchased with cash, don't the individuals involved have to show where that "cash" came from? And what if the homes were put in another persons name, are they then exempt from any attachment to this? Just wondering.
From the Free-Lance Star Article: "An Invotex representative told the judge yesterday that he has been able to find only $150,000 in assets so far, and that it appears Williams' companies are more than $300 million in debt, said Raquel Guillory, spokeswoman for the Attorney General's Office."

However, the court document linked from the Receivor's website indicates 1.1 Million in assets in the bank, I believe. The report indicates 50 automobiles recovered....those alone should be worth well more than 150k.
I guess I'm not sure what these numbers mean. Perhaps these are only company assets and the personal assets are not yet included. Also the debt figure may include future mortgage payments.

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  #90 (permalink)  
Old 10-31-2007, 02:33 PM
Sage Griot Sage Griot is offline
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Quote:
Originally Posted by JustAMom View Post

Also, aren't the banks, appraisers, mortgage loan officers, realtors, builders, etc., involved responsible also?
No...not yet anyway. Remember.........it's not about the mortgages. If they are implicated, that may be a seperate action.

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