Former Gophers basketball star Sam Jacobson once owned a home in Apple Valley, Minnesota.
In 2011, Jacobson sold his home in a short sale to his then-girlfriend, Traci Quam. He was supposed to move out per the lender’s requirements that the sale be arm’s-length, but Quam admitted he did not, in an interview with the Minnesota Commerce Fraud Bureau.
Traci Quam resold the home four months later for $538,000 and pocketed $176,000 in profit. She then used the money to purchase another home in Apply Valley. According to the complaint filed again both of them, “The day she closed on the Cobblestone Lake home, July 20, 2012, Sam Jacobson proposed to her.”
Sam Jacobson and Traci Quam have each been charged with one count of theft by false representation and one count of theft by swindle.
Prosecutors: why wasn’t the listing agent charged?