A New Jersey man has been sentenced to six years in prison for running a scam that victimized distressed homeowners and private investors, NationalMortgageNews.com reported yesterday. Randy Poulson was accused of netting about $3 million in illegal profits from his fraudulent scheme, according to a Justice Department news release. Poulson, working through his businesses Equity Capital Investments, Poulson Russo LLC and South Jersey Real Estate Investors Associates, lured victims into attending his paid seminars on real estate. His scheme also included promises to pay the mortgages of homeowners who faced foreclosure, if they sold him their homes. After obtaining the deed, he would then stop making mortgage payments, causing the loans to default. Read more.
For further analysis of commercial fraud cases, be sure to pick up ABI’s Fraud and Forensics: Piercing Through the Deception in a Commercial Fraud Case.
