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Indictments issued in HUD scam
| | Sunday, April 18, 2004 @ 05:26 PM EDT
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Send this Story to a Friend | Contributed by: Michael Chandler
Michael Chandler Properties
Read more archived articles about Selling
A Florida man was indicted Thursday of defrauding the U.S. Department of Housing and Urban development through his real estate company after 4 of his employees pleaded guilty. Eugene McReath of Panama City,Fl. owns Southern Construction and Investments, a Birmingham,Al. based company that buys,renovates and sales houses for a profit. According to the indictment. Many of the houses that McReath sold were financed with HUD loans. McReath is accused of paying his buyers down payments,then falsely telling HUD that the down payments came from relatives of the home buyers. The prosecutors say McReath lied to HUD to get around the department's policy of not insuring home loans when a seller make a down payment.
Word Cloud: payment. policy defrauding according pleaded buyers. guilty. company came houses mcreath payments seller indicted real relatives scam through when profit. after development investments, indictment. owns buys,renovates lied with issued panama payments,then city,fl. sold thursday home department's accused eugene loans make many birmingham,al. down urban housing department construction prosecutors buyers indictments falsely loans. based florida financed were estate sales southern employees u.s. paying around telling insuring
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