Events Calendar
In This Section
Get ready for detour, delays on Route 8
Falls waits for unions to act on concessions
Lawmakers still fighting over casinos
Akron begins work on sewer overflow report
Veterans hall inducts 2 from area
DYER: Take comfort in knowing Browns could be bigger losers
Patrick McManamon's Beside the Point: Another wacky, crazy Browns week
Most Read Stories
Family found dead in Ohio home
Robbers order bar patrons to empty pockets
Man gets 3 years in prison for having sex with horse
Sex-toy study at Duke University raises some eyebrows
Akron man turns himself in after authorities turn up heat
Get ready for detour, delays on Route 8
Akron police follow blood trail to murder suspect
Man appears alive at own funeral
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
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.
Comments
Click here to post your comments
