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Another ring busted up

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3 Putt

Thread Starter
Member
Joined
Aug 18, 2005
Professional Status
Certified General Appraiser
State
Ohio
Looks like they have busted up another ring. This group sounds greedy. Buy a house, flip it, when it goes through foreclosure, do it again with the same house. Wow, did they really think no one would catch on?

http://www.ohio.com/news/12695602.html
 

DaveH

Junior Member
Joined
May 5, 2007
Professional Status
Certified Residential Appraiser
State
Ohio
Wonder how they finally found out? You would think someone at the sherriff's dept would look at the foreclosures and see, but who knows.....

Most of the foreclosures in the Cincinnati are appear to be from homeowners not being able to afford the house the flipping thing kindof moved out of town a few years back.
 

Joker

Elite Member
Joined
May 28, 2002
Professional Status
Certified General Appraiser
State
Ohio
Any suggestions how we can make money on this?

Mr. Hollowell,
We enjoyed a visit to your neighborhood recently. Jungle Jims was an experience I won't soon forget.
 

DaveH

Junior Member
Joined
May 5, 2007
Professional Status
Certified Residential Appraiser
State
Ohio
That's an interesting place, You can get more things there than any other grocery store that I have ever been in. Hope you went on a week day though, kindof crowded on the weekends. Let me know when you come back Joker, we could have some coffee at Starbucks.....

We can make money by doing reviews and REO's. New marketing strategy for us this year. Trying insurance and more review work. My wife just passed the cert test so I can continue under her. A few more months and I can sit for my cert, hopefully one day for my general, but that's next few years quest.
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
I can remember back in late 80's (as a very young appraiser) I appraised Jim B. (Jungle Jim) house. This was at the time when Miami Vice was a popular show. He tooked the traditional 8-4-2.5 Cincinnati 2 story and turned it into an ultra contemporary house. He and his wide lived in 1 bedroom while the renovations were taking place. I thought the low voltage "running lights" on the stairs were a little too much though! Only thing I really cared for was the putting green he was putting in!
 

dougnail

Freshman Member
Joined
Nov 4, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Looks like they have busted up another ring. This group sounds greedy. Buy a house, flip it, when it goes through foreclosure, do it again with the same house. Wow, did they really think no one would catch on?

This is not the only ring from the Cleveland, Akron, Canton area.
Rachel Dollar reported on her blog back on 2005: ABN AMRO Files Civil Suit Alleging Mortgage Fraud Scheme in Ohio.

http://www.mortgagefraudblog.com/in..._suit_alleging_mortgage_fraud_scheme_in_ohio/

"In the lawsuit, ABN AMRO alleges that it was the lender, and victim, on hundreds of loans under a mortgage secured loan scheme and faces millions of dollars in loan loss. One aspect of the alleged scheme involved representing loan transactions to be refinances when, in reality, they were purchase money loans. Other aspects of the alleged scheme involved use of inflated appraisals to increase the loan amounts and inclusion of false information (or concealment) regarding borrower qualifications during the credit assessment phase of the loan transaction." The complaint alleges that Joseph Daniele was the primary architect of the scheme.

Well, Daniele left Ohio around 2001 and moved to Tampa. He continued this activity in Florida, mostly in the Tampa Bay and Jacksonville areas.

The Tampa Tribune did an investigation of Daniele's activities which appeared in an article on July 29, 2007.

http://www.tbo.com/news/reports/investmenthomes/index.htm

Although there are many more properties involved, the editors only wanted to focus their story to the poor neighborhoods in south St Petesburg.

One of his buyers from Ohio who purchased multiple properties in the Tampa Bay area said "I can't believe he's still doing this, it's amazing no one has stopped him."
 

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
Yes, we have much to be proud of in Ohio.
 

mark jacobs

Freshman Member
Joined
Jan 20, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
Crime follows those weak of character

The guy running this scheme also owns a stripper bar....Hmmm

I wonder how he came up with this fraud scheme, maybe after he and some buddies had a few too many drinks?
Sounds like he spent too many hours on the bar stool, "talking to who knows who".

Maybe a few years behind bars and a few hundred hours of community service will help him sort out the character issue.

I hope the prosecuter doesn't let them off too easy with turning states evidence.
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
I should probably apply to help him with his hiring since he will be tied up for a while!
 
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