California Real Estate Fraud Report

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05
Aug

Ohio Man Indicted for Short Sale Fraud

Donald P. Landers, 42, aka Dante Brickman, has been named in a 24-count indictment that was sealed by a Franklin County judge, then unsealed after Landers/Brickman was arrested on a warrant in Las Vegas.  The charges he is facing include engaging in a pattern of corrupt activity, one count of theft, 11 counts of money laundering and 11 counts of receiving stolen property.

According to the indictment, Donald Landers skillfully negotiated short sales with lenders of properties that were in foreclosure. He allegedly acquired those properties at below-market rates by telling the lenders they were in poor condition or were located in bad locations (short sale fraud).

Once he acquired the properties and put them in his business Great American LLC, Landers then recruited straw buyers to purchase the properties at inflated values by falsifying their incomes and assets (loan fraud, mortgage fraud). Franklin County prosecutor Ron O’Brien said the scheme included 11 Franklin County properties, including two that belonged to Landers himself. It was the inflated bank loans that funded the kickbacks to the straw buyers and the down-payments for the properties they purchased, with the difference going to Great American LLC.

My question: where were the bank appraisals that should have been ordered and reviewed before approving the short sales and before approving the loans to the straw buyers, each of which would probably have shown the sales were not legitimate. Were the banks asleep at the wheel (again), lazy, apathetic or ???

Read the original article in the Columbus Dispatch.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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