Container Top
Homes   Jobs   Cars   Shopping
Search

Events Calendar

EVENT SEARCH:

In This Section


Most Read Stories


Blogs:


Pets:
Not 101 Dalmations…but close!

The Heldenfiles:
Friday Notebook

Patrick McManamon:
Saturday entertainment, one more time …

Akron Zips:
No. 1 UA hopes to be perfect on Senior Night

Tribe Matters:
Tribe makes roster moves

Cleveland Browns:
Lewis doesn't like boycott

Kent State Sports:
Kent State falls to Akron, 20-28

Cleveland Cavaliers:
Gameblog: Cavs at Knicks

Buckeye Blogging:
Weekly ‘B’ Deck Report – New Mexico St.

Varsity Letters:
Wrestling, bowling teams prepare for season

All Da King's Men:
Bigger And Better Boondoggles

Blog of Mass Destruction:
The Shooter

Akron Law Café:
NEW U.S. Supreme Court Database

See Jane Style:
Muffle Your Muffler

Car Chase:
Perfect Weather for an Autumn Drive

Let's Talk Real Estate:
RUMORS: Downtown Restaurant Explosion

Ohio Travels with Betty:
Jack is looking for a trip to Southern Ohio the week of November 16.

Sound Check:
The Black Keys to perform benefit concert at Musica on November 27

HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio

Akron Gamer:
New 'Call of Duty' could set entertainment record

Mortgage-fraud indictments announced in Summit

By Beacon Journal staff report

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.

RELATED STORIES

``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.



Story tools

Email  Email   Print  Print   Save  Save   Reprint  Reprint   Popular  Most Popular   Reprint  Subscribe

Share this story

AddThis Social Bookmark Button
















Most Commented Stories