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Saks Saleswoman Accused of Stealing $1 Million
By Beacon Journal staff report
POSTED: 03:28 p.m. EST, Dec 20, 2007
Ohio and Summit County authorities today announced indictments against more than a dozen people involved in alleged mortgage-fraud schemes.
The 147-count indictment outlines the alleged schemes involving a group of Evergreen companies in Akron, and Carnation Banc, a local mortgage-banking company.
The victims number more than 500.
``We all read about predatory lending and the problems that practice causes to our communities. Today's indictments reveal predatory borrowers,'' said Summit County Sheriff Drew Alexander in a prepared statement.
``They are the financial criminals who over value homes, borrow money under false statements and sell securities backed by worthless second mortgages,'' Alexander said.
Alexander said that more than two years ago sheriff's detectives began investigating financial crimes involving inflated home appraisals and false statements on loan applications.
At the same time, he said, Cuyahoga Falls police sought assistance from the Sheriff's Office concerning ``financial crimes'' by principals of Evergreen Properties and Evergreen Investments, he said.
Authorities learned that the Akron Police Department was involved in a related investigation and a task force was formed, Alexander said.
``The scope and size of the financial crimes was far reaching,'' Alexander said.
A captain from the Sheriff's Office was assigned to lead the investigation. The state provided financial assistance. The Ohio Attorney General's Office provided an investigator and a forensic accountant. The task force also included Sheriff's Office detectives, Summit County prosecutors, Cuyahoga Falls detectives and an Akron police detective.
Local authorities seized Carnation Banc records in January and at the time, confirmed that the search was related to an ongoing mortgage fraud investigation that involved Evergreen.
In June 2006, the Ohio Department of Commerce alleged that Evergreen Investments violated state laws in its sales of high-interest rate investment certificates. The state alleged that the company sold investment certificates worth more than $6.1 million when it was insolvent.
The state alleged that the company's debt exceeded its assets by $267,000.
The company also has defaulted in paying back investors and filed for bankruptcy protection.
Ohio and Summit County authorities today announced indictments against more than a dozen people involved in alleged mortgage-fraud schemes.
The 147-count indictment outlines the alleged schemes involving a group of Evergreen companies in Akron, and Carnation Banc, a local mortgage-banking company.
The victims number more than 500.
``We all read about predatory lending and the problems that practice causes to our communities. Today's indictments reveal predatory borrowers,'' said Summit County Sheriff Drew Alexander in a prepared statement.
``They are the financial criminals who over value homes, borrow money under false statements and sell securities backed by worthless second mortgages,'' Alexander said.
Alexander said that more than two years ago sheriff's detectives began investigating financial crimes involving inflated home appraisals and false statements on loan applications.
At the same time, he said, Cuyahoga Falls police sought assistance from the Sheriff's Office concerning ``financial crimes'' by principals of Evergreen Properties and Evergreen Investments, he said.
Authorities learned that the Akron Police Department was involved in a related investigation and a task force was formed, Alexander said.
``The scope and size of the financial crimes was far reaching,'' Alexander said.
A captain from the Sheriff's Office was assigned to lead the investigation. The state provided financial assistance. The Ohio Attorney General's Office provided an investigator and a forensic accountant. The task force also included Sheriff's Office detectives, Summit County prosecutors, Cuyahoga Falls detectives and an Akron police detective.
Local authorities seized Carnation Banc records in January and at the time, confirmed that the search was related to an ongoing mortgage fraud investigation that involved Evergreen.
In June 2006, the Ohio Department of Commerce alleged that Evergreen Investments violated state laws in its sales of high-interest rate investment certificates. The state alleged that the company sold investment certificates worth more than $6.1 million when it was insolvent.
The state alleged that the company's debt exceeded its assets by $267,000.
The company also has defaulted in paying back investors and filed for bankruptcy protection.
