[admin]

The FBI in Salt Lake City has To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. that a federal indictment unsealed Monday in Salt Lake City alleges a Utah County man received more than $18 million for investment in one of two programs touted to investors – a foreign currency trading program and a real estate leveraging program. Rather than using the funds for their intended purpose, the indictment alleges Mowen ran a Ponzi scheme with investor funds.
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Jeffrey Lane Mowen, age 47, of Lindon, is charged in the indictment returned by a grand jury in February with three counts of wire fraud. Law enforcement authorities believe Mowen is currently living outside of the United States. An arrest warrant was issued when the indictment was returned, however Mowen has not been located. The potential maximum penalty for each count of wire fraud is 20 years and a fine of $250,000.
Defendants charged in indictments are presumed innocent unless or until proven guilty in court.
The case is being investigated by the FBI. The SEC Denver Regional Office also has provided assistance and cooperation.
Contrary to Mowen’s representations to investors that he was investing their money in a foreign currency trading or real estate leveraging program, the indictment alleges he used the funds to purchase more than 200 high-end antique, classic, and modern vehicles, including cars, trucks, trailers, motorcycles, three-wheelers, and other vehicles. Mowen used these vehicles as symbols of his success to investors, according to the indictment. The indictment also alleges Mowen used investor funds to, among other purposes, pay for personal expenses, including payments to himself and his wife, dining expenses, vehicle storage fees, travel, utilities, and credit card expenses.
The indictment alleges individuals invested millions of dollars in Mowen’s investment programs. One investor, T.F., invested more than $18 million of pooled investor funds with Mowen for use in his real estate leveraging program from November 2006 to around June 2007. T.F. also invested approximately $100,000 during October 2006 with Mowen for use in his foreign currency trading program after Mowen promised him a return of 33 percent per month, the indictment charges. Another investor, J.B., invested approximately $550,000 with Mowen from around May 2007 to October 2007 for use in Mowen’s foreign currency trading program.
The indictment alleges that Mowen paid investment returns to investors using old and new investor funds (commonly known as “Ponzi payments”) giving investors the false and misleading impression that such payments and returns were from the investment programs. When the payments to T.F. stopped in November 2007, the indictment alleges Mowen lulled investors through a string of false excuses which continued well into 2008. Ponzi payments to J.B. stopped in May 2008. Other than the Ponzi payments in 2007 and 2008, and vehicles given to some investors, investors lost their entire investment.
Law enforcement authorities are still determining how many victims of Mowen’s alleged Ponzi scheme there may be. Individuals who believe they may be a victim of the conduct charged in the indictment can contact the FBI in Salt Lake City.


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[Alfred]

Hi,

There are many different types of real estate and mortgage fraud. Basically you can identify them as either a fraud to make a profit, or a fraud to get the property. Regardless of which it is a fraud is committed when falsifying of records occur in some way. In this article we will take a look at a few of the different types of real estate and mortgage frauds.

One of the most common types of fraud committed in the real estate and mortgage industry is on the loan application itself. It is not unusual for the applicant to increase their income or lie about their job.